Park Inn sold to investor for more than £20m

MANCHESTER’S Park Inn hotel has been sold to UK investor The Ability Group in a deal understood to be above £20m.

The Park Inn by Radisson is situated in a prominent, high profile location close to the Phones4U Arena and the £800m NOMA regeneration scheme.

It comprises 252 bedrooms plus restaurant, bar, conference rooms and leisure facilities and is let to Rezidor on a 20-year lease.

The Ability Group, which has established a significant presence in the UK and European property markets, across residential, commercial and hotel sectors, currently owns Premier Inn Glasgow, Doubletree by Hilton Cambridge, Hilton Dunblane Hydro, Liverpool Hilton and the Hilton, London Syon Park.

CBRE and JLL were appointed to dispose of the Radisson Blu Hotel, Edinburgh, Park Inn by Radisson, Manchester City Centre earlier this year by John Reid & Peter Allen, both of Deloitte, as joint administrators and joint liquidators of the vendors.

The properties were brought to market with asking prices of £59m and £20m, respectively, but both achieved more.