In Manchester's city center, Manchester Property Holdings Limited has sold the 147-room The Holiday Inn Express for £17.3 million to Heeton, a Singaporean property investment firm.
The deal was handled by Lambert Smith Hampton, and represents a sub 7 percent yield, according to the Manchester Evening News.
“The sale is a strategic disposal capitalizing on the current buoyant market, which will allow us to focus on our other hotel projects," MHPL's Alastair Cattrell said in a statement.
“Manchester as a market has consistently performed strongly, with above-average occupancy and room rates, due to the excellent location and strong trading performance," Hugh Anderson, director and head of hotel and leisure at Lambert Smith Hampton, Manchester, added. "It is no surprise that with strong demand in the provincial market for corporately branded assets that the deal exceeded the initial guide price.”
Source: Manchester Evening News