Property agents brought in to sell Birmingham hotel
COMMERCIAL property consultancies JLL and Savills have been appointed to find a buyer for a central Birmingham hotel.
They are tasked with selling the Ramada Mailbox, as well as the Ramada Salford Quays in Manchester.
The Birmingham hotel has 90 rooms and its Manchester sister hotel 142.
A selling point for the Birmingham hotel is that it is located within the mixed-use Mailbox development, which is currently undergoing a £50m+ modernisation programme.
Both hotels are currently operated by Shiva under flexible franchise agreements from Wyndham.
Will Duffey, senior vice president in JLL’s hotels & hospitality team, said: “Both the Greater Manchester and Birmingham hotel markets are performing exceptionally well and are consistently posting strong levels of room rate and occupancy growth.
“The location of these hotel assets, both with existing market share and exciting prospects for growth will appeal to investors.”
Rob Stapleton, director in Savills’ hotel investment team, added: “The flexible operational arrangements existing at both hotels provide potential purchasers with a variety of repositioning and rebranding opportunities to optimise performance and enhance future value.
“With UK-wide RevPAR forecast to grow by 6.5%+ for 2015, this is an exceptional opportunity for an investor to benefit from not only growth in the underlying fundamentals of the UK market but to also to take advantage of operational improvements by partnering a highly regarded international brand.”
