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Hotel to Hiap Hoe for £26million
LONDON, 16 June 2017 – JLL’s Hotels & Hospitality Group has advised a joint venture between Topland Group, Marick Capital Limited and Mill Lane Estates Limited on the disposal of the Holiday Inn Express, Trafford City for a sum of £26 million to Meteorite Group, a wholly owned subsidiary of Hiap Hoe. The Holiday Inn Express, Trafford City, opened in May 2017, is the North West’s first ‘modular’ hotel and is made entirely of shipping containers. The property comprises of a restaurant and bar, three conference/meeting rooms, mini gym, an onsite car park and 220 fully air conditioned bedrooms set over five floors. The Singapore Mainboard-listed Hiap Hoe Limited is a regional premium real estate group with a diversified portfolio of hospitality, retail, commercial and residential assets. The Group currently own the 405 bedroom Days Hotel and 382 bedroom Ramada Hotel in Singapore. They have also recently developed Marina Tower in Melbourne, a mixed-development including a 7-storey hotel with 273 bedrooms. The Group has entered into a hotel management agreement with Starwood Asia Pacific Hotels & Resorts Pte. Ltd trading under the Four Points® by Sheraton brand. The Holiday Inn Express Trafford City is currently operated by Tower Hotel Management, part of the Peel Group will continue operating the hotel under a management agreement on behalf of Meteorite Group. Gavin Wright, director, JLL’s Hotels & Hospitality Group said: “This was a fantastic opportunity to acquire a property of iconic design with excellent transport connections and close proximity to a range of attractions including the Trafford Centre and EventCity. Manchester welcomes approximately 1.2 million tourists every year visiting for business, entertainment, sporting events, leading universities as well as a strong retail offering” Kerr Young, director, JLL’s Hotels & Hospitality Group said “We are delighted to have sold the Holiday Inn Express Trafford City to Hiap Hoe. This is their first acquisition in the UK and demonstrates the fact we are seeing increased demand from Asian capital in the UK, due in part to the recent devaluation in Sterling and the strong underlying fundamentals of the UK hotel sector.
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