Blythswood Square and The Bonham acquired by US investment firm
GLASGOW’S five-star Blythswood Square hotel and The Bonham in Edinburgh have been sold by Scottish hotelier Peter Taylor to a US investment firm.
Starwood Capital Group, whose portfolio includes the Grand Central hotel in Glasgow and The George and Roxburgh hotels in Edinburgh, acquired the two properties, part of Taylor’s Town House Collection, for an undisclosed sum.
Taylor launched the 100-room Blythswood Square in 2009 following a £24 million redevelopment of the former Royal Scottish Automobile Club in Glasgow, which he acquired in 2006; the project over-ran by two years following the collapse of an internal wall and building firm. The Bonham in Edinburgh’s west end has 49 bedrooms, a bar and events space.
The Town House Collection, which was founded by Taylor in 1989, has 270 staff across the two hotels and revenues of around £12 million.
The group’s managing director Hans Rissmann and finance director Russell Hynd will work with Starwood in a consultancy capacity to “ensure a smooth transition”.
Taylor, who won the SLTN Award for Industry Achievement in 2010, said selling the hotels had not been on the cards for 2015.
“The approach captured our attention, the deal was right and the timing will allow me to focus on new challenges knowing that the company and, most importantly, our team members will be in safe hands,” he said.
Starwood’s Cody Bradshaw said the firm is “thrilled” to add the two hotels to its UK hotel portfolio.
CDLH chartered surveyors acted on behalf of Starwood in the acquisition.