A new hotel has opened in Glasgow’s International Financial Services District (IFSD) following an £11.25 million investment led by the UK-based private equity and property manager Maven Capital Partners.

Previously an empty 40,000 sq ft 1960s office block, Maven purchased the building in 2017and it has since undergone a comprehensive redevelopment to turn it into a 137-bedroom hotel.

The hotel has been branded as an ibis Styles under a franchise agreement with AccorHotels, and will be managed by RBH. This is the second property Maven, AccorHotels, and RBH have partnered on in Glasgow, the first being ibis Styles Glasgow Centre George Square.

Located on the corner of Douglas Street and Waterloo Street in the city centre, ibis Styles Glasgow Centre West is the latest hotel asset to join Maven’s growing property portfolio, where the team now manages 20 property investments with a combined Gross Development Value in excess of £295m.

Ramsay Duff, investment director at Maven, who led the investment, said: “The Glasgow hotel market continues to perform strongly, showing robust year-on-year growth in room revenues. Glasgow is benefiting from substantial investment in local sport, leisure and entertainment facilities, including the Hydro Arena, one of the UKs premier venues for music and events, and is supported by a robust commercial sector which is profiting from strong conference activity at the SECC.

“Following the success of the city hosting major sporting events such as the Commonwealth Games and the European Championships, Glasgow is building a great reputation as an attractive destination for overseas visitors and ‘staycationers’.”

Helder Pereira, CEO of RBH, said: “It’s wonderful to work with Maven again on another fantastic opening. Our ever-strengthening business relationship has already seen the successful launch of ibis Styles Glasgow Centre George Square and Hotel Indigo Cardiff. We’re proud to now add ibis Styles Glasgow Centre West to our growing portfolio. Maven’s level of investment coupled with our unrivalled hotel management experience will, I’m sure, make this new property a real success among the burgeoning Glasgow hotel market.”

The hotel has been funded by Maven’s co-investor network ‘Investor Partners’, with a bank facility provided Allied Irish Bank.

Craig Gebbie, head of Allied Irish Bank (GB)’s Glasgow business centre, said: “The combination of the hotel’s excellent location, which is attractive to business and leisure guests; the strength of the ibis brand and the experience and expertise of the people involved made this an attractive investment for Allied Irish Bank (GB). Glasgow’s leisure and hospitality sector is thriving and, with a team dedicated to this area, we’re pleased to be supporting investors and operators to bring new hotels to the city and its surroundings.”