Sanguine seeks investors for Hotel Indigo

HOTEL developer Sanguine Hospitality is seeking investors to fund a four star hotel next to Victoria Station in Manchester.

Liverpool-based Sanguine, which sold its hotel management arm to US giant Interstate in March, plans to start on the 187-room hotel in the spring and open the following year under InterContinental Hotels Group’s Hotel Indigo brand.

It already has planning to convert the listed City Buildings and add a drum-shaped tower that has been designed by 3DReid, the Manchester architects behind the Co-op Group’s One Angel Square.

The ground floor of the City Buildings will have a bar and deli, while Marco Pierre White’s ‘Marco’s New York Italian’ concept will occupy the ground floor of the new building.

Sanguine already has bank finance of around £15m in place and is looking to raise £10m from private investors using the Enterprise Investment Scheme which offers tax breaks for those involved. It has already agreed an £18m construction contract with Balfour Beatty.

Sanguine’s managing director Nick Taplin said: “Outside of London this is the best hotel market, without question. It’s the most buoyant.

“There’s always something going on, if it’s not United, it’s City or something at the arena. There’s something all the time, which is how Manchester’s got it right.”

He added: “We’re expecting financial close by the end of February and we’ll be ready to start building by March. We’re very confident about this, it’s a great development.”

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