Patrizia Immobilien sells Melia's Innside Manchester

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.

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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.

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