Cheval Collection and 141WRS marked the occasion with a signing ceremony in Cheval Collection’s London office. The property is due to open in 2025.

The group is in talks with a number of other owners in dynamic cities around the world, with a particular focus on the UK, Italy, Spain, France and other key countries in Europe, as well as the Middle East, where demand is growing.

The Cheval Maison – West Regent will be Cheval Collection’s fifth property in Scotland.

Simon Mullen, managing director, 141WRS, said: “Cheval Collection’s decades of experiences in serviced apartments made it the obvious choice for this development, which we hope will reinvigorate this corner of the city centre.

“We expect the Cheval Maison property in Glasgow to attract international guests and appeal to the local community with restaurants on the ground floor and roof terrace.”

The property will be located at 139 & 141 West Regent Street. The 70 apartments will be split into 27 standard studios, 15 large studios, 23 one-bedroom apartments and five two-bedroom apartments.

Mohammed S Alawadhi, managing director, Cheval Collection, added: “We are thrilled to be working with 141WRS on this project in a city we love.

“After 40 years of operating serviced apartments we have gained the knowledge which delivers results for owners, loyalty from guests and qualifies us for our next phase of expansion.

“Being also owners means that we have learned to be flexible and treat each site as unique, multi-purpose accommodation where guests can live their lives, whether travelling for business or leisure.

“A growing number of investors are attracted to products which can offer a high rate of return, with efficient operations, which has grown in importance as cost and staffing pressures have also grown. We have significant amounts of projects under discussion for our full range of brands, with consideration given to both urban and resort locations.”