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.”
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.”