The 147-bedroom Holiday Inn Express on Oxford Road, Manchester, has been acquired by Singapore-based property investment company Heeton Holdings for £17.3m.
The 12-storey hotel, located between the Palace Theatre and Manchester Metropolitan University, currently achieves an occupancy of over 80%.
Alastair Cattrell, spokesperson for MHPL, said the company was "delighted" with the price achieved for the hotel. "The sale is a strategic disposal capitalizing on the current buoyant market, which will allow us to focus on our other hotel projects."
Hugh Anderson, director and head of hotel and leisure at Lambert Smith Hampton, Manchester, added: "Manchester as a market has consistently performed strongly, with above average occupancy and room rates.
"Due to the excellent location and strong trading performance it is no surprise that with strong demand in the provincial market for corporately branded assets that the deal exceeded the initial guide price"