Savills: Former Pocotel sold to independent hotel operator – Glasgow city center

The former Pocotel sits prominently on a corner site at 139-141 West George Street and comprises an impressive six-storey, newly refurbished B-listed building with 91 bedrooms, a restaurant, bar, meeting facilities and Fitness. The property enjoys close proximity to the engines of high demand for business and leisure in the city center of Glasgow, Scotland’s largest city.

The property includes two revenue-generating retail units: Tony Macaroni and Mozza.

Steven Fyfe, Associate Director within the hotel agency team at Savills Glasgow, comments: “This sale demonstrates that hotel investors are keen to ensure representation in Glasgow, where there is a robust hotel market driven by tourism and business. The market has been boosted considerably. by recent events, including COP26 last year, which have put the city on the world stage.Glasgow’s ability to host major events at OVO Hydro, Scotland’s largest conference centre, has seen the city chosen for 71 conferences last year and expected to see the The city remains a prime event location, hoteliers recognize that.

“What is key to success in the Glasgow hotel market is being able to deliver the right product. The buyer here intends to create a bespoke product that we know how to do well and that , which we believe will enhance Glasgow’s hotel offering. The building lends itself to a true boutique experience and we look forward to seeing the new owners begin their business plan.”

Derek Forsyth of Azets, acting as joint administrator, comments “It is no surprise that the hotel has suffered operationally as a result of the lockdown. Our appointment as administrators has brought a period of stability giving us the opportunity to take control of the asset and negotiate with the various stakeholders in an orderly manner, ultimately closing the deal within seven months. We are delighted to have completed the sale of such an important hotel and wish the new operators every success in the future”.

Ciara McGettigan, owner of the Address Collective, adds: “This purchase demonstrates our desire to grow the Address Collective brand and we intend to create a bespoke product that will enhance Glasgow’s hotel offering. The building lends itself to a true boutique hotel and we look forward to the launch of The Address Hotel Glasgow.”

Existing Address Collective properties: The Address Hotel, Connolly (Dublin) 278 rooms; The Address Hotel, Citywest (Co Dublin), 129 rooms and; The Address Hotel, Cork (Cork City), 70 bedrooms.

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Savills plc published this content on October 13, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on October 13, 2022 3:41:00 PM UTC.

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