Chester DoubleTree hotel sold

The DoubleTree by Hilton Hotel & Spa in Chester has been sold by Sanguine Hospitality for an undisclosed sum to investment vehicles affiliated with MCAP Global Finance.

The four-star hotel on the outskirts of Chester has 12-acres of land, and includes 140 bedroom suites, the Hoole Hall Club & Spa, conference and function facilities and the Marco Pierre White Steakhouse Bar & Grill.

The deal was brokered by Julian Troup, head of UK hotels agency at Colliers International, acting on behalf of the previous owners of the hotel, Sanguine Hospitality and investment funds managed by Downing.

Following completion of the deal, the hotel will be operated and managed by newly formed management company Valor Hospitality Europe.

The original Hoole Hall was built in the 14th Century and occupied by the Lord of Hoole before being burned down by Oliver Cromwell's Parliamentarian army in the English Civil War and remaining derelict until being rebuilt more than 100 years later in 1757. It subsequently underwent several changes of ownership before becoming a hotel, bar and bistro in 1982 and being refurbished and rebranded as The Double Tree by Hilton Hotel and Spa Chester in 2009.

Troup said: "The Double Tree by Hilton Hotel and Spa Chester is one of the North West of England's leading luxury hotels with outstanding facilities and represents an ideal and strategic addition to the buyers growing portfolio of select UK hotels.

"Our instructions were to handle the sale in a confidential fashion and the opportunity attracted UK and International interest. The transaction demonstrates the increasing demand for high quality provincial UK hotel assets from a multitude of different types of buyers."

MCAP Global Finance is a UK-subsidiary of New York-based investment adviser Marathon Asset Management.