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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

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.

Suggested Articles

The two locally owned resorts join the Benchmark Resorts & Hotels brand as a result of the deal.

The dashboard provides market-level details on future searching and booking trends indexed to pre-COVID levels.

The combined company now will own and operate a portfolio of 40 hotels totaling more than 5,000 guestrooms.