Preston-based Marcus Worthington Properties has bought a seven-acre development plot at the former Boddingtons Brewery site north of Manchester city centre from Ask Developments and Realty Estates.
Deansgate Securities, the JV between Ask and Realty, has already agreed pre-let terms with Travelodge Hotels for a 200-bedroom hotel on a 35-year lease. The development will be undertaken by MWP.
Russ Worthington, director of MWP, said: "We are delighted with the site acquisition and Travelodge pre-let. By working in partnership with DSL we were able to secure planning and ensure scheme delivery. We look forward to working with DSL on other opportunities in the near future. Work has already started and we hope to complete at the start of Q3 2011."
Ask and Realty Estates acquired the seven-acre site in 2006 with funding from HSBC. Architects on the hotel are HKR in Manchester.
MWP was founded in the 1970s and continues to be run by Marcus Worthington, who also owns a construction business and housebuilder Hollinwood Homes.