Luxury hotel development looks for forward funding
A proposed 124,321 sq ft hotel near Brindleyplace is looking to secure forward funding for its development.
The hotel at 211 Broad Street, will include 322 bedrooms, arranged across 26 storeys and a 109-cover café bar.
Real estate advisor Avison Young has been instructed to access forward funding for the development which will be trading as Tribe Hotel by Accor.
The development will be held on a 20-year management agreement with Accor Hotel Services UK Ltd in a JV with Ennismore, part of the Accor Group. Tribe is Accor’s new design-led, select-service, ‘affordable luxury hotel brand’.
Works will be led by development manager Taylor Grange and RG Group as the contractor. Development is scheduled to start on site in Q3 2022, with practical completion expected in Q2 2024.
Pippa Harrison MRICS, Head of Hotel Capital Markets, Avison Young, said: “Birmingham is a vibrant city, which has been experiencing major investment and regeneration in time for the Commonwealth Games this summer, though there is an underserved gap in the market for modern, design-led hotels at an affordable luxury price point.
“The exciting arrival of the new Accor Tribe Hotel, in a JV with Ennismore, will offer a guest-centric, design-driven hotel at competitive rates, and the ground floor café bar will be a welcome addition to the leisure scene on Broad Street.”
Sam Ginda, CEO of the Taylor Grange group said: “This is Birmingham’s time to shine and that comes with the increasing demand to deliver new, contemporary well-placed hotels, which the city is desperately crying out for. We are excited about partnering up with Accor’s premium Tribe brand and delivering 211 Broad Street with our funding partner, which will be an iconic super-slender skyscraper in town.“
