Glasgow's private equity manager, Maven Capital Partners, put the city's Hotel Indigo on the market. A franchise agreement with InterContinental Hotels Group is included in the deal for the 94-room hotel.
Real estate advisers JLL and Cushman & Wakefield are marketing the hotel on Maven's behalf. “The hotel has a prominent city center location... and next to major retail and leisure areas with a loyal corporate and leisure client base which drives a consistent, strong trading performance. We expect significant interest from investors looking to tap into Glasgow’s burgeoning hospitality market,” Neil Milligan, surveyor at JLL’s hotels and hospitality group, told The Herald Scotland.
The Hotel Indigo is in the center of Glasgow's financial services district near the SSE Hydro Arena and the city's two main train stations. The Victorian building was originally Glasgow's first power station. It was later converted from offices into a hotel 2010 and currently undergoing a renovation, which is set to be complete in early 2017.
IHG opened the hotel in mid-2010 through a franchise agreement with Chardon Management, a long-time IHG partner for more than 15 years. The Hotel Indigo joined six other properties in the IHG's portfolio for the city: Holiday Inn Glasgow-City Ctr Theatreland, Holiday Inn Glasgow-East Kilbride, Holiday Inn Glasgow Airport, Holiday Inn Express Glasgow Airport, Holiday Inn Express City Centre Riverside and Crowne Plaza Glasgow.
The most recent Hotel Indigo opening in the UK was the Hotel Indigo-London Leicester Square. The 95-room property opened in late 2017 in the center of London's West End through a franchise agreement with Criterion Capital. The brand had a portfolio of 22 hotels in Europe and another 18 in the region's development pipeline, as of late.