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Holiday Inn Manchester City Centre sold to affiliate of Starwood Capital Group
MANCHESTER, 5 April 2017 - JLL’s Hotels & Hospitality Group has advised Dominvs Group on the disposal of the Holiday Inn Manchester City Centre to a controlled affiliate of Starwood Capital Group. The asset, which will be managed by Kew Green Hotels under a franchise agreement, will continue to be branded as a Holiday Inn.The landmark freehold site on Aytoun Street, close to Piccadilly Station, was acquired by Dominvs in 2013. Alongside contractor McAleer & Rushe planning permission was secured to build the 298-bedroom property two years later.The hotel, which opened in April 2016, is the only Holiday Inn branded hotel within the city’s ring road. The property incorporates the latest trends in hotel design and cutting-edge technology and is already ranked as one of TripAdvisor’s top hotels in Manchester. It benefits from being located near to a highly diversified base of corporate and leisure demand generators, among them the Manchester Central Convention Complex, the Deansgate district and Market Street.Will Duffey, head of UK and Northern European hotel transactions at JLL’s Hotels & Hospitality Group, said: “The offering was a compelling play for investors, given the quality of build, accelerated ramp-up in its first year of trading and ultimately its location in one of the strongest-performing markets in the UK. Developments such as the 200-acre MediaCityUK and the £800 million Airport City development will continue to underpin sustainable growth across the lodging sector in this particular market.”Preet Ahluwalia, on behalf of Dominvs Group and the Ahluwalia family said: “We are very proud of our Manchester project and being able to deliver a fantastic property in an area which is going through a significant regeneration. In what is a competitive market, our management team have overseen a fantastic first year’s trading, with the hotel delivering above expectations. The decision to sell allows us to focus on our wider strategy, which is to grow our development pipeline in key gateway cities such as Bath, Cambridge and London.”Manchester welcomes approximately 1.2 million tourists every year visiting for business, entertainment, sporting events, leading universities and a strong retail offering. Since 2015, the city has added £8 to its RevPAR while occupancy continues to impress at around 80%, underscoring the market’s strength.
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