Former Virgin Hotel in Glasgow sold over a year after shock closure due to financial issues

The former Virgin Hotel in Glasgow has been sold more than a year after it shut over financial problems.

Administrators of Lloyds Developments Ltd have sold the site to the Martin Property Group after it closed suddenly in December 2023.

About 130 jobs were lost when the 240-bedroom hotel on the banks of the river on Clyde Street closed just four months after opening.

The 17-storey hotel also comprises of a ground floor restaurant and bar, mezzanine bar and lounge, terrace area, and conference and meeting facilities.

Lloyds Developments Ltd – which Virgin Hotels has a management contract with – was put into administration by its lenders on December 1.

The directors of V Hotel Glasgow Limited – the employer and operating company in respect of the hotel – were advised to place it into liquidation.

The hotel was placed on the market by Savills in March 2024, with a licensing board extension of its alcohol premises granted in December last year for the site.

More than 80 Scottish artists and musicians also wrote an open letter in a plea for money owed to them after the sudden closure of the hotel.

Acts booked to play the venue pleaded with Sir Richard Branson to step in and said an accumulative £17,000 is owed – with some individual artists owed as much as £4,000.

All Virgin Hotels are owned independently.

Geoff Jacobs, managing director at Interpath and joint administrator of Lloyds Developments Ltd, confirmed on Wednesday the site had been sold.

He said: “The hotel occupies a prime position on the Glasgow riverfront.

“We look forward to seeing the hotel back in operation and wish the purchaser every success in the future.”