Marriott Victoria & Albert Hotel sold

David McCourt

Dania Properties has sold the Marriott Victoria & Albert Hotel in Manchester to an international private buyer for an undisclosed sum.

The grade 2-listed 148 bedroom hotel is on the banks of the River Irwell and adjacent to the ITV studio site.

Jones Lang LaSalle acted on behalf of Zolfo Cooper LLP. Will Duffey, senior vice president at the London office of Jones Lang LaSalle Hotels & Hospitality Group, said: "The sale represented a rare opportunity to acquire an internationally branded upscale hotel with the benefit of a lease contract guaranteed by Marriott International.

"The investment decision to purchase the freehold interest in the hotel signals the return of investor interest returning to the regions to acquire quality assets in key regional cities. We understand that the new purchaser intends to further invest in the property to maintain its position as the only four-star Marriott hotel in Manchester."

Chris Moore, national director of Jones Lang LaSalle's Hotels & Hospitality Group in Manchester, said: "This transaction reflects the keen interest which continues to be shown by both international and regional operators for representation in Manchester."

Graeme Smith, corporate finance partner at Zolfo Cooper LLP, joint administrator of Dania Properties, said: "This sale is another sign that experienced investors see the potential for growth in hotels in the major UK cities outside London.

"With new owners in place who have long-standing knowledge and expertise of the hospitality sector, the hotel is well positioned for the future."

The sale adds to a tally of over £623m of hotels sold in the UK by Jones Lang LaSalle Hotels & Hospitality Group so far this year.

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