Yorkshire property group close to deal for luxury hotel
A FORMER luxury hotel in Manchester could be set to be taken over by the Yorkshire property group behind the Roomzzz aparthotel brand.
The Yang Sing Oriental hotel will finally be sold this month to an off-shoot of a Yorkshire property business.
The landmark building on the corner of Princess Street and Portland Street in Manchester city centre has been on the market since March when owner, Chinese businessman Gerry Yeung, put the hotel into liquidation.
Despite getting close with two other bidders – one of whom, Hallco 1681 submitted applications for the required liquor and entertainment licences, property agent Eddisons said contracts had now been exchanged on the property.
A spokesman told TheBusinessDesk.com: “Contracts were exchanged a two weeks ago and sale is due to complete around September 23. At this point I cannot disclose the identity of the purchaser.”
It is understood though that the bidder is Leeds-based Park Lane Properties, which has teamed up with a number of wealthy private individuals to form a special purpose vehicle to buy the 48-bedroom hotel.
Park Lane Properties is behind the Roomzzz apartment-hotel brand which recently opened a new property on Swinegate in Leeds opposite the Malmaison hotel.
It also has a property on the edge of the city centre in Burley Road.
The £8m Yang Sing Oriental hotel opened in late 2008, just as the financial crisis began to bite, and was losing Mr Yeung £10,000 a week.
The owner of the famous Yang Sing restaurant had invested £1m of his own fortune in the luxury hotel, which was fitted out to the highest standard.
The proceeds of the sale, for an undisclosed sum, will go to Yang Sing Oriental’s lender, NatWest, which was owed £5m when the business collapsed.
