Pair of Manchester hotels on the block
KRO Hospitality is looking to sell the freehold of two boutique operations, Forty Seven on Peter Street and Velvet on Canal Street.
Graham + Sibbald and Knight Frank are instructed as joint agents on the disposal.
Officers are now invited. The freehold properties are available together, or on an individual basis, by way of an asset sale and on a going concern basis. The vendor is seeking around £22m for the pair.
At the heart of one of the city’s busiest nightlife pitches on Peter Street, Forty-Seven is described as a recently converted grade two-listed property, which opened in August 2023.
The hotel offers 32 bedrooms at various price points and is described as operating “at a Luxury Boutique standard”. The building amounts to 17,000 sq ft over basement, ground and four upper floors.
The business includes the 100-cover Peterman Bar and Asha’s restaurant, which was developed in conjunction with Bollywood star Asha Bhosle. Set up in 2015, the restaurant is leased out.
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Velvet is well established on Canal Street, having been a fixture since the 2000s. It offers 36 guest rooms along with bar and brasserie-style restaurant.
In 2022, Velvet expanded into the next door building, a project that saw a refurbishment of suites and a new reception introduced.
Hugh Anderson, hotel and leisure partner with Graham + Sibbald, said: “The hotels offer a rare opportunity to acquire two design-led assets in excellent order and strong trading locations, with the potential for a buyer to take advantage of the operational synergies of a single ownership/management platform.”
In January this year, global giant BWH Hotels, parent of Best Western, announced that the two KRO hotels had joined its WorldHotels Crafted boutique-focused brand, part of BWH’s five-year drive to add 8,000 guest rooms to its portfolio – Northern English cities being a priority for the group, as GB brand director Robert Alley told Place last year.
