Ramada Birmingham Mailbox hotel sold to finance firm
PROPERTY consultancies JLL and Savills have confirmed the sale of the Ramada Birmingham Mailbox and Ramada Salford Quays hotels on behalf of Shiva Hotels for in excess of the £21.5m guide price.
The two hotels, comprising 90 and 142 bedrooms respectively, along with a bar, restaurant, conferencing and business facilities, have been sold to MCAP Global Finance, a UK subsidiary of the New York investment advisor Marathon Asset Management.
The Ramada Mailbox in Birmingham is located within the mixed-use Mailbox development, which is currently undergoing a modernisation programme in excess of £50m.
Shiva Hotels, which has recently acquired a handful of development sites in central London, decided to market the properties in February as they were deemed non-core within their portfolio.
The hotels will be managed by Valor Hospitality, on behalf of MCAP Global Finance and re-branded.
Will Duffey, executive vice president in JLL’s hotels & hospitality group, said: “The combination of the exceptionally strong regional UK hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors.
“With over 80 parties signing the NDA to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5m guide.”
Rob Stapleton, director in Savills’ hotel investment team added: “These two hotels were well received by the market and provide compelling investment opportunities; they are an excellent addition to Marathon’s growing UK portfolio.”
