Bids of £8.5m sought for Salford hotel
Administrator Kroll Advisory has appointed Knight Frank to sell the Ainscow Hotel after the company that owned it entered administration last year.
Part of the Artisan group of companies, the Ainscow Hotel is located off Trinity Way in Salford. Offers of £8.5m are being sought for the 87-bedroom property.
Subject to planning permission, the hotel could be expanded by creating 57 guest bedrooms and 99 apartments, according to Matthew Smith, partner in Knight Frank’s Hotels team.
“Given the lack of hotels available for sale in the current market we expect The Ainscow Hotel will be well received from an array of buyer profiles,” Smith said.
“The North West of England recorded over £300m of hotel transactions in 2021 and was ranked as the third most liquid region in the UK (excluding London) with Manchester accounting for 73% of this regional activity, highlighting the attractiveness of the region for hotel investment.”
The Ainscow Hotel was originally the home of The Watson & Woodhead Brewery in 1878, before it became a Mackie & Sons Fruit Preserves jam factory in 1972.
The Artisan Property Group then purchased the property in 2003 and later converted the building into a hotel, which opened in 2014 following a major capital expenditure programme.
Last September, Kroll was appointed as administrators to Artisan H1 Ltd, The Ainscow Hotel Ltd, Greyday LLP, and Artisan Group Facilities Management Ltd, each being vehicles connected to Artisan, the company founded by Carol Ainscow, who died in 2013.
The companies were impacted by the ongoing fallout from the Grenfell Tragedy. Speaking at the time, joint administrator Andrew Knowles said the cladding crisis “has reduced the ability of the group to sell apartments”.