Salford Ramada sold to MCAP
The Ramada Hotel in Salford Quays, alongside the Ramada Birmingham Mailbox, has been sold to MCAP Global Finance by Shiva Hotels for in excess of the £21.5m combined guide price.
The 142-bedroom hotel in Trafford Road has a bar, restaurant, conferencing and business facilities.
MCAP Global Finance is the UK subsidiary of the New York investment advisor Marathon Asset Management.
Shiva Hotels, which recently acquired a handful of development sites in central London, decided to market the properties in February as they were deemed non-core within the portfolio.
The hotels have been sold with the opportunity to break the existing franchise agreement. They will be managed by Valor Hospitality, on behalf of MCAP Global Finance.
The hotels were marketed by JLL and Savills.
