The hotel has already been pre-let by MEININGER Hotels on a 25-year lease.
The development – which was designed by NORR architects – will be located on West George Street immediately opposite Queen Street station, which is also under redevelopment.
The new hotel will comprise 160 rooms and will also create new retail space at the basement, ground and mezzanine levels.
CGI of the MEININGER hotel
The hotel is scheduled to open for 2020 with construction set to commence this year.
“We are pleased to be working with MEININGER Hotels as they seek to expand their successful brand into the UK,” said Craig Westmacott, senior fund manager at LGIM Real Assets.
“This site is an excellent location for a new hotel and together with the redevelopment of Queen Street station will bring significant improvements to this key area of Glasgow city centre.”
The hotel in Glasgow will be the second hotel for the MEININGER Group in the UK.