Singapore-based Buxani Group has acquired the 117-room GoGlasgow Urban Hotel for a reported sum of close to £10 million ($18 million). The hotel was redeveloped in 2015 by Crarar Hotels, the seller of the property. Following the completion of the sale, the hotel will be managed by Thailand-based Compass Hospitality. The sale was facilitated by Colliers International.

The acquisition is the first in a series of planned investments in the UK hotel market by Buxani Group. “We are delighted that we have secured our first hotel in the UK and especially in Scotland, which is currently experiencing tremendous growth in tourism and business travel. We continue to be very optimistic of the global tourism industry and are actively looking for more hotel opportunities in the UK and Europe,” says Kishore Buxani, founder and CEO of Buxani Group.