Sale of Safestay Glasgow Charing Cross hotel completes
Specialist business property adviser Christie & Co has announced the sale of Safestay Glasgow Charing Cross, located on Elmbank Street between Glasgow’s city centre and West End.
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Safestay, one of Europe’s largest hostel groups, sold the freehold property and hotel having owned it since 2019.
The hotel has been acquired by an investor who operates similar businesses within Glasgow city centre.
Larry Lipman, Chairman of Safestay, commented on the sale, “The sale of our freehold property and hostel, Safestay Glasgow Charing Cross, for £5.1 million is fully aligned with our strategy to crystallise value for shareholders while supporting sustainable long-term growth. Alongside the recent successful sales of two freehold sites in Edinburgh and Brighton, this transaction will further strengthen the group’s balance sheet and provide additional flexibility as we continue to deliver our plans to selectively grow the portfolio and create shareholder value.”
Tony Spence, Associate Director – Hospitality at Christie & Co, managed the sale process and said, “Safestay Glasgow Charing Cross attracted strong interest from a range of buyers due to its prominent city centre location and the continued appeal of the Glasgow hospitality market. I was delighted to work closely with colleagues across our wider hospitality team in London to deliver this transaction, ensuring the best possible outcome for our client.
“The sale demonstrates the depth of investor demand for well-located hospitality assets in Scotland and highlights the strength of the market for trading businesses of this nature.”
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