Marriott V&A hotel comes to market

Jones Lang LaSalle Hotels has been appointed by Simon Appell, Alastair Beveridge and Anne O'Keefe of Zolfo Cooper LLP, the joint administrators of Dania Properties Manchester as sole agents to sell the freehold interest in Marriott Victoria & Albert Hotel.

The four-star hotel in Water Street is opposite the 19-acre outgoing ITV Granada site off Quay Street and is a grade II-listed building with 148 bedrooms.

George Nicholas, executive vice president at Jones Lang LaSalle Hotels, said: "The hotel represents a rare opportunity to acquire an internationally branded upscale hotel with the benefit of a lease contract guaranteed by Marriott International Inc., in one of the UK's leading cities.

"Manchester appears resilient in comparison to other regional cities. It has an active and diverse base of national and international companies in both professional and financial services as well as world class sporting and cultural amenities. Due to the diverse and wide spectrum of business generators, Manchester is well poised to benefit from the economic recovery ahead of many other key regional cities. Due to the superior riverside location, we anticipate significant interest from hoteliers and property developers who will look to maximise the property's potential."

Developer Genr8 is in the process of buying the ITV site which is subject to a master plan that will see the area around the hotel being redeveloped to provide a new commercial and residential district with up to 1.5m sq ft of new accommodation.

Also near the hotel is Allied London's large Spinningfields commercial district.

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