Park Inn hotel on the market for £20m
RADISSON’S 252-bed Park Inn in Cheetham Hill Road, Manchester, has been put on the market with a guide price of £20m.
It is being sold by administrators along with two other assets in Scotland: the 238-bed Radisson Blue in Edinburgh and Quay Leisure Park in Glasgow, valued at £59m and £53.3m respectively.
The administration is being handled by Deloitte in Edinburgh which has appointed commercial agents CBRE and JLL to sell the properties. A spokesman would not disclose the identity of the company which owns the assets.
The Manchester Park Inn is operated by the Rezidor Hotel Group which has about 20 years left on its lease.
Kerr Young, director of hotels and hospitality for JLL, said: “This portfolio gives investors the opportunity to acquire not only a secure income stream with great covenant strength, but also prime real estate in two key UK cities.”
Paul Collins of CBRE Hotels said: “We are seeing substantial trading growth in the Edinburgh and Manchester hotel markets and this will enhance the future rental income for the buyer of these rarely available hotels which are on performance leases.”
Toby Hall of CBRE’s Leisure team added: “The Quay, Glasgow offers purchasers the ability to acquire long-term, secure
income from reputable national leisure operators.”
