Capital & Centric, backed by Ares Investment Management, has bought the Place aparthotel in Manchester from Goldman Sachs and Greystar for £30m.
The developer has submitted plans to refurbish the block, increasing the number of bedrooms from 102 to 166.
The scheme, which represents the Manchester-based developer’s first move into the hotel sector, is estimated to have a gross development value of £45m.
The hotel is close to Piccadilly Station and C&C’s £200m Kampus mixed-use development on Aytoun Street, which is being brought forward in partnership with Henry Boot Developments and funded by Ares. It is also near to C&C’s 200,000 sq ft Crusader Works warehouse complex, which it plans to turn into flats.
Goldman Sachs and Greystar purchased the Grade II listed building in 2013 as part of a £290m portfolio formerly owned by student accommodation provider Opal Group.
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