Manchester hotel sells off-market

In Bromley Cross, Manchester, a "mystery cash buyer" has purchased the Mercure Last Drop Village Hotel for more than £4 million. The 128-room hotel and spa will continue to operate under the Mercure Brand after being sold to “one of the UK’s largest private property development groups.”

The sale, which was conducted off-market, was carried out by Amaris Hospitality and brokered by agents Christie & Co. with the hotel selling off a guide price of £4.25 million.

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“By means of an off-market campaign, we were able to source a cash purchaser who was keen to own this very famous trading business," Alex Campbell, who brokered the deal on behalf of Christie & Co., told the Bolton News, noting that the hotel's location will allow the new owner to "consider future growth and development.” 

The hotel was put on the market back in 2014, at a guide price of £3 million. Mercure took over running of the complex from the Macdonald Hotels group who sold it to investment firm Moorfield Group back in 2007.

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Tisch joined Loews Hotels & Co in June 2017 from Loews Corp., where he was a VP.