Manchester's Ramada Salford Quays and the Ramada Birmingham Mailbox have both changes, acquired by MCAP Global Finance, a UK subsidiary of New York investment advisor Marathon Asset Management. Both hotels were sold in excess of £21.5 million (around US $32 million), reports the Manchester Evening News.
The Evening News reports that the UK hotels will be managed by Valor Hospitality Limited and re-branded.
Shiva Hotels, which recently acquired a handful of development sites in London, was the seller of both properties, which it deemed non-core assets.
JLL’s Hotels & Hospitality Group and Savills were responsible for selling both hotels.
Will Duffey, EVP in JLL’s Hotels & Hospitality Group, said: “The combination of the exceptionally strong regional UK hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors. With over 80 parties signing the NDA to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5 million guide.”
Rob Stapleton, director in Savills’ Hotel Investment team added: “These two hotels were well received by the market and provide compelling investment opportunities; they are an excellent addition to Marathon’s growing UK portfolio.”