Dominvs Group has completed the sale of the Holiday Inn Manchester City Centre to a controlled affiliate of Starwood Capital Group for around £54m.
The deal represents one of the largest hotel transactions so far of 2017 and is the largest single-asset hotel sale in Manchester on record.
The landmark freehold site on Aytoun Street close to Piccadilly Station was acquired by Dominvs in 2013, and the firm, together with its contractor McAleer & Rushe, embarked on a two-year project to secure planning and the construction of the 298-bedroom hotel, which opened in April 2016.
It incorporates the latest trends in hotel design and is already ranked as one of TripAdvisor’s top hotels in Manchester.
Preet Ahluwalia, on behalf of Dominvs Group and the Ahluwalia family, said: “Our management team has overseen a fantastic first year’s trading. The decision to sell allows us to focus on our wider strategy to expand our development pipeline in key gateway cities such as Bath, Cambridge and London.
Will Duffey, executive vice president at JLL’s Hotels & Hospitality Group, which advised on the sale, added: “The offering was a compelling play for investors, given the quality of build, accelerated ramp-up in its first year of trading and its location in one of the strongest-performing markets in the UK.”
Kew Green Hotels will manage the hotel.
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