Singapore's Hiap Hoe buys Manchester Holiday Inn Express for $33.24 million

Holiday Inn Express Manchester-Trafford City, Mercury Way, Manchester

Singapore-based developer Hiap Hoe has acquired the Holiday Inn Express in Trafford City, Mercury Way, Manchester from Topland (No.18), Mill Lane Estates and Marick Capital for about $33.24 million.

The purchase price is equal to its net asset value, after considering a valuation report by an independent professional valuer, trade projections for the hotel and recent transaction costs for other Manchester hotels, The Business Times reported. According to Hiap Hoe, internal resources and debt will fully fund the payment. 

The limited service hotel is near the Trafford Shopping Center and EventCity, a large exhibit and conference venue. Tower Hotel Management, a subsidiary of The Peel Group, manages the Holiday Inn Express. The purchase is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the company for the financial year ending Dec. 31, 2017.  


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

In recent years, the developers partnered with Wyndham Hotel Group to construct two other hotels: The Days Hotel and the Ramada in Singapore at Zhongshan Park are on the same site, and opened in May 2013 as part of an integrated development that includes a commercial tower and shopping mall. 
Hiap Hoe also developed various residential properties in Singapore, including Treasure on Balmoral, Waterscape at Cavenagh, Skyline 360 ° and the Cuscaden Royale.

Suggested Articles

Rudi Jagersbacher is stepping down and Sleiffer has been appointed area president/Middle East, Africa and Turkey, for Hilton.

August was the third consecutive month of year-over-year gross operating profit decline.

Columbia Sussex bought a Hilton Garden Inn, a Hampton Inn and a Homewood Suites by Hilton, adding 348 rooms to its portfolio.