New owners have been secured for Glasgow's well-known Lorne Hotel, which collapsed into administration last year amid the financial difficulties of lockdown restrictions.
The joint administrators of Bellhill Limited, owners of the 102-bedroom property, have completed the sale to a group known as PL Glasgow. Joint administrator Alistair McAlinden of Interpath Advisory said he was "extremely pleased" to conclude the agreement for the sale of the landmark building located on Sauchiehall Street between the city centre and the west end.
"Despite these being incredibly difficult and uncertain times for companies operating across the leisure and hospitality sector, the level of interest shown in this building from the outset of the administration has been remarkable," said Mr McAlinden, the head of Interpath's hospitality and leisure team in Scotland.
"We pass on our best wishes to the new owners and we look forward to seeing it once more generate wealth and jobs for the city of Glasgow.”
READ MORE: Renowned Glasgow hotel collapses into administration
The hotel was forced to close its doors in December 2020 with the loss of 30 jobs after the historically profitable site ran into financial difficulties following the imposition of Covid lockdown restrictions. Incorporating the Bukharah, an award-winning Indian restaurant, and the Bilberry cocktail bar, the hotel has an extensive function suite and conference facilities with capacity for 170 guests.
Interpath Advisory were appointed as administrators in May 2021. The property was marketed by specialist business property adviser Christie & Co.
Brian Sheldon, regional director at Christie & Co, said: “We were always confident that the sale of the Lorne Hotel would capture the imagination of operators and developers alike and we were proven to be correct. We leveraged our network of regional, national and international buyers to secure best bids from a diverse range of funded purchasers.”
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel