An Irish property investment and development firm is in advanced discussions to take over the Virgin Hotel in Glasgow, which closed its doors in December 2023 after just four months of operation. The 17-storey hotel, located on Clyde Street along the River Clyde, had been forced to shut due to financial difficulties faced by its owner, Lloyds Developments.
Administrators have confirmed that a buyer has been identified for the 240-bedroom hotel, which includes a ground-floor restaurant and bar, a mezzanine lounge, a terrace area, and conference facilities. The property was placed on the market earlier this year by Savills after Lloyds Developments entered administration in December 2023. Virgin Hotels operated the site under a management contract.
The closure resulted in the loss of approximately 130 jobs, with the operating company, V Hotel Glasgow, subsequently placed into liquidation. Despite these challenges, the administrators have expressed optimism about the potential sale, describing it as “positive news” for the future of the property.
The proposed acquisition aligns with ongoing efforts to repurpose and revive prime hospitality assets in Scotland. If completed, this deal could breathe new life into one of Glasgow’s most prominent riverside developments. Further updates are expected as negotiations progress.
