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”.
Surely Liverpool has more tourism than Manchester?!
By Anonymous
In 2019 (last year for data) Manchester had roughly twice as many overseas visitor night as Liverpool, 3rd behind London and Edinburgh
By Anon
As it turns out, no it doesn’t for a couple of reasons. It depends how you count tourists…but they often need beds however you count them hence the figures.
By Anonymous
How would Anonymous count tourists just out of interest? 73% percent of the regions activity being just in Manchester is a pretty good indication of the real world
By Dave
Visitors or tourists? Liverpool comes out on top for leisure tourism, but Manc has higher rate of visitors with a stronger business sector coupled with the airport. If 73% is correct it just shows how much of a fad levelling up really is. There’s plenty of other wonderful towns and cities in the northwest that should be getting a greater share of economic drivers. Preston, Liverpool, Warrington, Blackburn, Bolton, Chester.
By DriveLid
Not sure where Anon is getting their figures from.
Just one example… Manchester Arena, one of the largest and busiest in the world, brings in tens of thousands of Leisure Tourists every week. So much so, an even bigger arena is currently under construction.
By Dave