Historic city centre building to be turned back into hotel

North Western Halls

A historic building in Liverpool which is being used as student flats is to be turned back into a hotel as part of a multimillion-pound project.

CBRE’s Investment Advisory team has arranged a £20m senior loan facility on behalf of the Merseyside Pension Fund.

The funding will support the redevelopment of North Western Halls in Liverpool for North-West developer, The Marcus Worthington Group.

This is the second loan that the Merseyside Pension Fund has committed to provide to The Marcus Worthington Group, having financed 125 Deansgate in Manchester in 2016.

The redevelopment will see the Grade II listed, Sir Alfred Waterhouse designed building, which is currently student accommodation, returned to its original use as a 202-bed hotel.

Situated in the heart of the city centre, next to Lime Street station, the building has been pre-let to Radisson who will be opening its new ‘Radisson Red’ concept, only the fifth in the world.

Radisson Red is aimed at the millennial generation and will complement the £140m refurbishment of Lime Street Station.

Joe Bahsoon, director of CBRE Capital Advisors, said: “We are delighted to provide this debt facility, on behalf of the Merseyside Pension Fund, to facilitate the regeneration of this important historic building.

“This development is part of the ongoing regeneration of Liverpool City Centre and will provide the city with a first-class station hotel that complements the significant upgrades that have been made to Lime Street.

“The investment is a strategic fit for the Pension Fund’s Liverpool focussed pot of money, called the Catalyst Fund, and will assist in the delivery of a new hotel concept to the city.”

Russell Worthington from The Marcus Worthington Group said: “This is an iconic hotel and I’m honoured to be involved in such a prestigious building.

“Both CBRE Capital Advisors and Merseyside Pension Fund were fantastic to work with throughout the funding process, without which we wouldn’t be where we are today.

“Renovation works have now started and with the assistance of our funders and advisors we hope to be opening the doors to guests next year.”

 

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