Fragrance Group, represented by international real estate advisor Savills, has acquired Townhouse Hotel in Manchester from Harcourt Developments for £12.5m.
The grade two-listed property dates back to 1870 and was formerly a cotton warehouse before opening as an 85-bedroom hotel in 1982. An extensive refurbishment in 2010 created the current 4-star ‘boutique hotel’ offer, with a brasserie, bar and self-contained business centre.
Townhouse Hotel is located on Portland Street in Manchester city centre, close to Manchester Piccadilly station, Palace Theatre and Manchester Art Gallery.
Martin Rogers, head of UK hotel transactions at Savills, commented: “We are very pleased to have acquired this well-established hotel on behalf of our client. The hotel investment market in the North is performing strongly with transactions totalling £304m in the first half of this year alone.”
Under its new ownership, the property will be managed by Bespoke Hotels. Harcourt Developments was represented by Lambert Smith Hampton.