Maven trumpets first Hampton by Hilton in city at £17.5m
The first Hampton by Hilton is to be built in central Manchester with the backing of Maven Capital Partners at a cost of £17.5m.
Maven will act as the asset manager on behalf of Hong Kong based IP Investment Management.
The 221-room hotel will be on Rochdale Road and Sharp Street in Manchester’s Northern Quarter.
The hotel is to be built by Create Construction which is also nearing completion of a 130-room Hampton by Hilton hotel development in Blackpool.
Redefine|BDL Hotels (‘RBH’), a UK hotel management company which already manages three other properties within Maven’s hotel portfolio, has been appointed to operate the hotel.
The venture is Maven’s first hotel collaboration with IPIM, having already worked together to deliver more than 1,000 purpose-built student accommodation beds at developments throughout the UK, including the £19m development of The Millhouse in Edinburgh and a new development at 800 Bristol Road in Selly Oak, Birmingham.
Maven’s property portfolio has expanded significantly in recent years and the team now manages 19 property investments with a combined gross development value in excess of £250m.
This will be Maven’s eighth hotel development and expands a hotel portfolio which includes Hotel Indigo, Ibis Styles and Travelodge hotels.
Hampton by Hilton is one of the UK’s fastest growing brands and has recently opened new hotels in Edinburgh, Glasgow, London and Aberdeen.
Colin Anderson, investment director at Maven, said: “The new Hampton by Hilton is situated in a superb location with a host of amenities on its doorstep and it will cater for the rising number of visitors coming to the area for leisure and business, as well as assisting with the further enhancement of the city’s Northern Quarter.”
Selina McFall, investment director, IPIM, added: “Hampton by Hilton Manchester Northern Quarter will be IP Investment Management’s first investment in the hotel sector. It is our second investment in the Greater Manchester area, following our recent forward funding of a build to rent scheme in MediaCity, Salford, showing our confidence in the Manchester market.”Andrew Robb, chief development officer at Redefine|BDL Hotels, said: “We’re thrilled to add yet another hotel to our growing portfolio. Hampton by Hilton Manchester Northern Quarter will be RBH’s third Hampton by Hilton property, and our fourth property in Manchester.”