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Jones Lang LaSalle Hotels & Hospitality Group is pleased to announce that it has sold the Grade II listed 148 bedroom Four Star Marriott Victoria & Albert Hotel to an undisclosed international private buyer for an undisclosed sum.
London, 25 March 2013 – On behalf of Dania Properties Manchester Ltd. (in Administration), Jones Lang LaSalle Hotels & Hospitality Group is pleased to announce that it has sold the Grade II listed 148 bedroom Four Star Marriott Victoria & Albert Hotel to an undisclosed international private buyer for an undisclosed sum.
The sale represents Manchester’s first major hotel sale for 2013 and adds to the growing tally of over £623m of hotels sold in the UK by Jones Lang LaSalle Hotels & Hospitality Group so far this year.
The hotel is situated on the banks of the River Irwell and adjacent to the ITV studio site which is due to undergo major redevelopment over the next few years. The hotel forms an integral part of the wider commercial offering adjacent to Manchester’s Spinningfields business precinct.
Will Duffey, Senior Vice President at the London office of Jones Lang LaSalle Hotels & Hospitality Group said: “The sale represented a rare of opportunity to acquire an internationally branded upscale hotel with the benefit of a lease contract guaranteed by Marriott International Inc., in one of the UK’s leading cities. The investment decision to purchase the freehold interest in the hotel, signals the return of investor interest returning to the regions to acquire quality assets in key regional cities. We understand that the new purchaser intends to further invest in the property to maintain its position as the only Four Star Marriott hotel in Manchester.”
Chris Moore, National Director, Jones Lang LaSalle’s Hotels & Hospitality Group in Manchester added: “This transaction reflects the keen interest which continues to be shown by both international and regional operators for representation in Manchester. The outstanding success of the city in recent years has resulted in strong corporate and conferencing trade combined with world class sporting and cultural events. Together, these provide hotel operators with competitive advantages in all of their important business segments; Manchester continues to be at the top of the regional ‘wish list’ for many such investors.”
Graeme Smith from Zolfo Cooper LLP, Joint Administrator of Dania Properties (in Administration) concluded: “We are pleased to have secured the sale of the Marriott Victoria & Albert Hotel. This sale is another sign that experienced investors see the potential for growth in hotels in the major UK cities outside London. With new owners in place who have long-standing knowledge and expertise of the hospitality sector, the hotel is well positioned for the future.”
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