A luxury Glasgow hotel which closed and appointed administrators has been put on the market.

Virgin Hotel in Glasgow suddenly shut its doors in December 2023 after just four months in operation, with bosses telling 150 staff they would be made redundant.

We previously reported that Lloyds Development Limited, which owns the building, was forced to enter administration.

Glasgow Times:

Now the firm has requested Savills to bring the Clyde Street property to the market.

The luxury hotel comprises a 17 storey-building overlooking the River Clyde in the heart of the city centre.

There are 165 bedrooms, with the capacity to have up to 242, as well as a ground-floor restaurant and bar, a mezzanine bar and lounge, a flexible terrace area and conference and meeting space for up to 60 delegates.

Glasgow Times:

The hotel also has the the potential for further development, with the opportunity to complete the remaining 77 bedrooms as well as public spaces such as a proposed gym, function suite, whisky bar and coffee shop.

Steven Fyfe, a director in the hotel capital markets team at Savills Scotland, said: "This is a rare chance for a purchaser to secure a prime asset that has been fitted out to an excellent standard in line with a luxury lifestyle hotel with the possibility of being in an income-producing position from day one.

"Situated in a prime location within Glasgow city centre, the hotel is just a short walk from Glasgow Central Station and Buchanan Street, as well as being in close proximity to all of Glasgow’s key demand drivers.

"Given its excellent credentials, we anticipate a significant level of interest from a global pool of buyers."

A spokesperson for Virgin Hotels previously said: “Lloyds Developments Limited – the owner of Virgin Hotels Glasgow, which Virgin Hotels has a management contract with – has financial problems and on December 1 its lenders put it into administration.   

"As a result, the directors of V Hotel Glasgow Ltd, the employer and operating company in respect of the hotel, are being advised by FRP Advisory LLP as they place that company into liquidation.  

"These financial issues mean that the hotel cannot continue operating and now has to close."