RSM’s restructuring advisory arm has served as administrator for the former Bauhaus hotel in Aberdeen.
The property, which went into administration in 2019, has now been sold to property developer Granite City Developments LLP in a deal which will regenerate the site and create student accommodation.
The decision to appoint administrators was made by the directors of Bauhaus after it suffered from “difficult trading conditions”.
Paul Dounis and Gareth Harris at the firm’s restructuring advisory team were appointed joint administrators of the former hotel.
Aberdeen City Council has approved the conversion of the former 39-bedroom hotel into 45-units of accommodation, which will aim to house students from The University of Aberdeen, North East Scotland College and Robert Gordon University.
Paul Dounis, partner at RSM and joint administrator, said: “The sale and change of use of the vacant Bauhaus building will bring young people back into the heart of Aberdeen – creating jobs; enhancing the vibrancy of the City; and supporting economic growth post-pandemic.”