A Topland, Marick Capital and Mill Lane Estates joint venture has sold the Holiday Inn Express, Trafford City, Manchester, to Meteorite Group for £26m.
The 220-bedroom hotel was built in 39 weeks using modular construction methods and opened in May.
It was the joint venture’s second project, after a collaboration on a 209-bedroom Hampton by Hilton hotel at London City Airport.
Following this sale, the joint venture partners said they would focus on future hotel development opportunities.
Sol Zakay, executive chairman and chief executive of Topland, said: “This venture is an integral part of our strategy to boost exposure to the hotels sector.
“The blend of expertise within the team has created an entrepreneurial and well-funded business that is poised to capitalise on hotel development opportunities throughout the UK.”
Tower Management operates the hotel and will continue managing it following the sale.
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette
