Singapore-based real estate investment platform RealVantage has announced the acquisition of Arthouse Hotel in Glasgow, Scotland, through a joint venture with London-based asset manager Oberland. According to the firm, the partners paid GBP12 million ($20.8 million) for the 59-room hotel.
Post-acquisition, RealVantage holds an 85% stake in the hotel, with Oberland owning the remaining 15%.
In an April 7 press release, the company says the historic hotel, originally built in 1829, will undergo modernisation and refurbishment, which is expected to be completed by 4Q2025. UK firm C1 Capital Partners has been appointed to operate the hotel.
Keith Ong, CEO of RealVantage, says the hotel is well-positioned to capitalise on Glasgow’s healthy influx of tourists and its shortage of good-quality accommodations with a strong legacy brand.
Andrew Dean, co-founder of Oberland, adds: “The property, with its striking architecture and exceptional features, offers significant value creation opportunities and is a perfect fit for our strategy of acquiring and managing high-quality heritage assets.”
