Jewellery Quarter hotel sold in £21m deal
A NEW Birmingham aparthotel has been bought for £21m by Knight Frank Investors.
The 170-apartment Staycity, in Newhall Square in the city’s Jewellery Quarter, has been sold by RO Real Estate, which developed the site.
The Staycity hotel opened in January after more than fours of planning.
RO’s head of property Richard Bourne told Property Week the deal put the firm in an “extremely strong position with significant cash resources”.
“The current portfolio performs very strongly and we are seeking to build on this by deploying circa £30m of cash in £2m to £6m lot sizes across southern England,” he said.
