Irish Hotel group, The Address Collective, has bought The Pocotel in Glasgow’s West George Street from the administrators of the former Pocotel owners, Bracknell Property, off a guide price of £4.5 million. The sale was conducted by Savills.
The 91-room hotel, that includes a restaurant, bar, meeting and fitness rooms as well as two retail units, Tony Macaroni and Mozza, is the first UK hotel for The Address Collective, which has three hotels in Ireland. The new hotel will be The Address Hotel Glasgow.
Ciara McGettigan, Owner of the Address Collective, said, “This purchase demonstrates our appetite to grow the Address Collective brand and we have plans to create a bespoke product that will enhance Glasgow’s hotel offering. The building lends itself to a truly boutique hotel and we look forward to the launch of The Address Hotel Glasgow.”
Steven Fyfe, Associate Director in the Hotels agency team at Savills Glasgow, added, “This sale demonstrates there is appetite from hotel investors to secure representation in Glasgow where there is a robust hotels market driven by tourism and business. The market has been significantly boosted by recent events including COP26 last year that put the city on the global stage. Glasgow’s ability to host major events at the OVO Hydro, Scotland’s largest conference centre, has seen the city chosen for 71 conferences in the last year and is expected to see the city remain a preferred events venue. Hotel operators recognise this.”
“What is key to success in Glasgow’s hotels market is by being able to deliver the right product. The purchaser here has plans to create a bespoke product that we know to do well and which we believe will enhance Glasgow’s hotel offer. The building lends itself to a truly boutique experience and we look forward to seeing the new owners commence their business plan.”
Other Address Collective properties include The Address Hotel Connolly and The Address Hotel Citywest in Dublin, and The Address Hotel Cork in Cork city.