The newly opened 220-bedroom Holiday Inn Express Trafford City in Manchester has been sold for £26m to Australian property development company Meteorite Group.
Launched last month, the hotel was sold by investment group Topland, Marick Capital and Mill Lane Estates, which developed the hotel as a joint venture on a 1.75 acre site, using modular construction methods.
The property is currently operated by Tower Hotel management, an arrangement which will continue under Meteorite Group.
It is the joint venture’s second project, having previously collaborated on the development of the 209-bedroom Hampton by Hilton hotel at London City Airport. The intention is to now focus on future hotel development opportunities.
Topland’s hotel portfolio includes the five-AA-red-star, 45-bedroom Royal Crescent in Bath and the 28-strong group of Hallmark Hotels.
Sol Zakay, executive chairman and chief executive of Topland, said: “The combined blend of expertise within the team has created an entrepreneurial and well-funded business that is poised to capitalise on hotel development opportunities throughout the UK.”
Brandon Riley of Mill Lane Estates, who acted as development manager on the project, added: “This project was unique in its speed of delivery as modular construction methods enabled us to deliver a finished product within just 39 weeks, giving our investors an operational and income-producing asset in record time.”
The joint venture was advised by JLL, Osborne Clarke and Mills & Reeve in the transaction, while Proskauer represented Meteorite Group, which is a subsidiary of Singapore-based Hiap Hoe.
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