Although it will come as little surprise to many, Jumeirah has finally announced they won't be constructing a new luxury hotel in the centre of Glasgow.
The Ian Simpson designed building was to be one of the most luxurious and high-tech inner city hotels in Scotland with an opulent design and massive budget to give it appeal to the so-called "six star" hotel market with features such as the country's largest hotel ball room and an infinity pool offering views over the Glasgow skyline.
Problems began when despite the Jumeirah Group having signed up as the tenant for the building and willing to be the main occupier, the original developer, BLN Property Developments, ran into financial problems due to falling property values and was unable to get the scheme off the ground.
It was originally set to open in 2011, but despite this failure to realise it, Jumeirah only terminated the agreement to occupy it late last year, perhaps mindful of the fact that the 2014 Commonwealth Games is being hosted in Glasgow and the hotelier had hoped the scheme could be resurrected in time to cash in.
The site that bounds Argyle Street and Robertson Street has now been put up for sale with a reported asking price of £125 million just for the land that includes a former dilapidated pawnshop, a sum of money that seems unlikely to be paid, not least as the total completed value was $200 million or £128 million and that it's cheaper to buy a similar sized plot in the West End of London.
Article Related buildings: