Yang Sing Oriental’s new owner revealed
THE Yang Sing Oriental hotel will finally be sold this month to an off-shoot of a Yorkshire property business.
The landmark building on the corner of Princess Street and Portland Street in Manchester city centre has been on the market since March when owner, Chinese businessman Gerry Yeung put the hotel into liquidation.
Despite getting close with two other bidders – one of whom, Hallco 1681 submitted applications for the required liquor and entertainment licences, property agent Eddisons said contracts had now been exchanged on the property.
A spokesman told TheBusinessDesk: “Contracts were exchanged two weeks ago and sale is due to complete around September 23. At this point I cannot disclose the identity of the purchaser.”
It is understood though that the bidder is Leeds-based Park Lane Properties, which has teamed up with a number of wealthy private individuals to form a special purpose vehicle to buy the 48-bedroom hotel.
Park Lane Properties operates high-end serviced apartment-hotels under the Roomzzz brand and is also rents properties to students and professionals.
The £8m Yang Sing Oriental opened in the summer of 2008, just before the collapse of Lehman Brothers sparked a global financial crisis.
As the recession took a grip and hit the vital mid-week business travel sector the hotel was losing £10,000 a week.
Gerry Yeung, owner of the famous Yang Sing restaurant, had invested £1m of his own fortune in the luxury hotel, which was fitted out to the highest standard.
The proceeds of the sale, for an undisclosed sum, will go to Yang Sing Oriental’s lender, NatWest, which was owed £5m when the business collapsed.
