£300m hotel is latest to be hit by credit crunch

james73 · £300m hotel is latest to be hit by credit crunch

£300m hotel is latest to be hit by credit crunch (Evening Times)

ENTERPRISE bosses have pulled the plug on a £300 million hotel development
because of the economic downturn.

Plans for the towering five-star hotel, which would have been the tallest
building in Glasgow, have been shelved leaving a hole in the heart of the
International Financial Services District.

The waterfront site at 236 Broomielaw was the subject of a competition won
by Kenmore Property Group which was named preferred developers.

But the 30-floor design which also included two 14-storey office blocks next
door, has now been put on ice because of the unstable economic climate.

Bosses today insisted they would think about re-marketing the site at a
later date, but would give no timescale on when a new blueprint would be
commissioned.

A spokeswoman for Scottish Enterprise, which owns the site, said: "We remain
committed to securing a high quality hotel and commercial development for
the site. However, in light of the recent economic downturn we are reconsidering
the options for re-marketing the site."

The new hotel promised to become a prominent landmark. And if the plans
had gone ahead, only the 416ft-high Glasgow Science Centre tower, a
structure rather than a building, would have been taller.

Several architects had drawn up dramatic proposals for the brownfield
land near the Kingston Bridge. And agents claimed there had been a flurry
of inquiries with around 100 parties interested in the site.

James H