EDINBURGH-based Apex Hotels is to move into the Glasgow market for the first time with the acquisition of Marks Hotel in Glasgow’s Bath Street.
With a total investment of £10.5 million, Apex Hotels will close the hotel in early January to carry out an extensive refurbishment of the 104 bedroom city centre hotel. The hotel is expected to relaunch in June 2015 as the four star Apex City of Glasgow Hotel. This announcement comes just after the company reported increases in revenue and profit to the year end in April, with turnover for the Group up 11% on last year to £56 million.
Apex Hotels purchased Marks Hotel from Glasgow based Rossmark Hotels, a sister venture to Glasgow property investment and development company, Belgate Estates, whose portfolio includes a shopping centre in Glasgow and Cumbernauld town centre.
Stuart Wilson, Rossmark’s Managing Director commented, “After a successful period of operating the hotel, we wish to concentrate on our core property business.”
Ian Springford, Apex Hotels Chairman added, “We have been looking for the right opportunity to expand into Glasgow for some time. In terms of size and location, the Bath Street property is an ideal fit for Apex Hotels and will become a very welcomed addition to our growing portfolio when it opens this summer.”
In September, Apex Hotels announced the purchase a new central site in Bath’s Conservations Area, to develop a new 177 bedroom full service hotel with extensive conference facilities. Due to open autumn 2016, the £35m development will be the hotel’s first hotel in England outside London.