Millennium & Copthorne (M&C) has exercised a put option to sell its Copthorne Hotel Birmingham for £17.2m.
This sale will be completed in the third quarter of 2021 and is in line with the group's strategy to "extract value" from its non-core hotel assets and streamline its portfolio following the onset of the Covid-19 pandemic.
In 2013, M&C entered into a compulsory purchase order agreement with Paradise Circus Limited Partnership (PCLP), a joint venture between developer Argent and Birmingham City Council, regarding Paradise Birmingham, the site in which the hotel is located. The agreements included put and call options, including the sale of the hotel to PCLP.
M&C owns 17 other hotels in the UK including the 308-bedroom Biltmore in London's Mayfair, which relaunched in September 2019 following a £60m redevelopment and features Jason Atherton's Betterment restaurant .
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