Property investment and development company Martin Property Group has acquired the Virgin Hotel on Clyde Street, Glasgow, buying it out of receivership for an undisclosed sum.
The luxury 17-storey hotel originally opened under the Virgin brand in August 2023, prior to its ‘unexpected and sudden’ closure the following December.
At that point, the hotel building was only partially complete, with 165 bedrooms ready. Announcing the acquisition, Martin Property Group said that it intends to complete the additional 77 bedrooms and is also considering introducing a gym, function suite, whisky bar and coffee shop.
The group’s investment director, Anthony Jackson, said: “The Virgin Hotel was a perfect fit for our investment and development criteria, and Graham + Sibbald’s local knowledge and specialist national hotel expertise played a key part in facilitating the deal.”
Hotel + leisure partner at Graham + Sibbald, Hugh Anderson, commented: “The Virgin Hotel provides a great market opportunity for our client. We look forward to continuing to work with the team to ensure a successful completion and reopening.”
G + S investment director, Peter Fleming, added: “Glasgow remains a robust market for investors and it will be great to see the building being used again for its intended purpose. We wish the team at Martin Property Group all the best with the reopening of the hotel.”
Martin Property Group is a family run real estate investment and development company, established by Paul Martin and Patrick Martin in 1976 in Northern Ireland, which has since grown to develop a wide range of projects across the UK and Ireland.
