Legal & General Investment Management – Real Assets has signed an agreement to develop a new hotel in Glasgow city centre, on behalf of its Linked Life Fund.
The hotel will be prelet to Meininger Hotels on a 25-year lease.
The new development, designed by NORR architects, forms part of Glasgow’s ongoing regeneration.
The hotel will be situated on West George Street, opposite Queen Street Station, and provide 160 rooms in addition to 45,000 sq ft of new retail space at basement, ground and mezzanine levels.
Construction is due to begin this year, with the hotel scheduled to open in 2020.
Craig Westmacott, senior fund manager, LGIM Real Assets, said: “This site is an excellent location for a new hotel and together with the redevelopment of Queen Street station will bring significant improvements to this key area of Glasgow city centre.”
Hannes Spanring, chief executive of Meininger Hotels, added: “Great Britain is a very important market for us. The Glasgow hotel is an excellent addition to our portfolio, due to its prime location.”
The hotel will be the group’s second in the UK, following the opening of a London site in 2006. It is looking to expand into other key UK cities.
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