A Glasgow city centre hotel has come to the market with a £13m pricetag.
Marks Hotel has been put up for sale by Rossmark Hotels, a subsidary of private property company Baronsgate Estates has shops, office, industrial and residential holdings throughout Scotland and Northern Ireland.
The 103-bedroom hotel, located at 110 Bath Street, is the only hotel asset owned by the group.
Alison Wilson, director of Rossmark Hotels, said: “We have enjoyed our foray into the hotel business and have spent a lot of money on room refurbishment and a revamp, but our long-term corporate strategy for Baronsgate’s expansion does not include hotels.
“The size of Marks Hotel would be better suited to more serious hotel operators who can take the hotel to the next stage.”
David Reid, partner at Knight Frank, which has been appointed to sell the block, said: “The number of bedrooms and the location of Marks Hotel will without doubt attract a lot of interest from buyers throughout the UK and abroad.
“With today’s more tricky banking criteria, Marks Hotel offers a far safer purchase with a high turnover and secure profits. The hotel is also a less risky option than building a hotel from scratch for corporate operators.”
