Buyer found for Victoria & Albert hotel

THE Victoria & Albert Marriott hotel in Manchester has been sold to an unnamed “international buyer”.

The four star hotel was put on the market in September by administrators at Zolfo Coper handling the assets of Dania Properties.

They were understood to be looking for around £20m but no details of the sale price were released today, although it should be included in a future creditors’ report.

The 148-bed hotel sits between the ITV Granada site and the River Irwell on Water Street. At present it is hidden behind the TV complex – now decommissioned following ITV’s move to Salford – but is expected to benefit from plans to redevelop that site, and its proximity to Spinningfields.

Administrator Graeme Smith said: “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.”

Agent Jones Lang LaSalle said it was Manchester’s first major hotel sale for 2013. Chris Moore, national director at its hotels and hospitality group in Manchester said: “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.”

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