The hotel, which will include 137 bedrooms, is due to open its doors next summer under the Ibis Styles brand following a franchise deal with Maven Capital Partners and operator Redefine BDL Hotels (RBH).
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It marks the second time that Ibis owner AccorHotels has teamed up with Maven and RBH – the first being the Ibis Styles Glasgow Centre George Square.
Cristina De Oliveira-Frewen, AccorHotels’ senior vice-president for franchise hotels in the UK and Ireland, said: “This will be a great new hotel in a prime site in the heart of Glasgow and marks another step in the growth of our brands in the UK.
“Accelerating the franchise growth of the Ibis Styles brand is one of our strategic priorities and this is the kind of opportunity we’re looking to replicate in the right sites across the UK.”
Ibis launched in 1974 and is Europe’s largest hotel chain. The Waterloo Street site is the fourth Ibis Styles project to be signed this year and will take the brand’s total number of UK establishments to 21.
Maven investment director Paul Johnston said: “Glasgow is one of the strongest-performing hotel markets and the Ibis Styles brand is a perfect fit for the regeneration that Glasgow, a city famous for culture, music and sport, has undergone in recent years.”
Ross Morrow, chief development officer at RBH, added: “We’ve enjoyed a successful partnership on Ibis Styles Glasgow Centre George Square, and we look forward to bringing another property full of personality – as well as great service – to visitors to the city.”