Manchester's Midland sold
Hotel group Paramount has bought Manchester landmark the Midland for £36m, bringing its number of four- and five-star managed properties in the UK to 16.
The company will spend £12m on refurbishing the hotel. This will include the addition of eight bedrooms, bringing the total to 311, and will result in it being upgraded from a four-star to "four-star de luxe" property.
The Midland was put up for sale in August 2003 by its previous owners, which included InterContinental Hotels Group with a 56% stake.
This week's purchase is the latest twist in the Paramount saga. The company was put up for sale by majority owners, venture capitalist firm Alchemy Partners, in October 2003 for about £250m.
It was later forced to reduce its price tag following a lack of interest in the group.
A spokeswoman for Paramount explained that although the Midland would be a Paramount hotel, it would join the Queens in Leeds and the Chesford Grange in Warwickshire under the name Quintessential Hotels.
The three properties will be retained by Alchemy when the remaining 13 are sold off under the Paramount name.
She added: "Paramount is getting close to being sold. It's all a bit speculative at the moment where Paramount is going."
