Innside Manchester, a four-star hotel in the Northern English city's First Street development, has been sold for £30.45 million by owners Patrizia Immobilien AG to a privately owned UK group.
The sale of the 208-room hotel, operated by Melia International under its Innside brand, was agreed at a yield of 4.85 percent on 25-year lease to Melia, the Manchester Evening News is reporting.
Patrizia purchased the hotel as part of its acquisition of the First Street site in Manchester in May 2015. The site is a 20-acre development that includes office, residential, retail and leisure components. Notably, this sale is the first at the development.
Further First Street development phases will provide a new commercial neighbourhood for Manchester with a total of almost 1m sq ft of sustainable, campus-style office buildings, alongside a new residential neighbourhood of up to 500 PRS apartments.