Capital & Centric have secured £24m funding from Greater Manchester Pension Fund to finance the construction of a 275-bed hotel in Manchester.
The £35m hotel will be built in Manchester’s Piccadilly East on Adair Street, and span 110,000 sq ft over 14 floors.
The hotel will be occupied by the Fattal Group under its Leonardo Hotel brand.
Capital & Centric are aiming to start construction work in the summer, subject to coronavirus restrictions, and are earmarking the hotel to be completed by early 2022.
Tim Heatley, co-founder of Capital & Centric, said: “In these difficult times it’s even more important to be pushing ahead with our Adair Street hotel. It’s going to be a striking new addition to Manchester’s skyline and an anchor development in the Piccadilly East neighbourhood.”
He added: “Yes, everyone’s been hit by the shock of coronavirus, and we’ve recently set up our building opposite the Mackie Mayor as an emergency supplies depot. Manchester will bounce back, and these deals are a positive reminder of how resilient our city region is.”
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