Sale of two Manchester hotels relaunched at reduced price

Velvet Hotel, Bar & Brasserie and Forty Seven Hotel are being marketed for £9m apiece having been originally put up for sale for a combined £22m last year.

Christie & Co is now leading on the sale of the two Manchester hotels for KRO Hospitality, replacing Knight Frank and Graham + Sibbald.

At the heart of one of the city’s busiest nightlife pitches on Peter Street, Forty-Seven opened in August 2023.

The hotel offers 32 bedrooms at various price points and amounts to 17,000 sq ft over basement, ground and four upper floors.

The business includes the 100-cover Peterman Bar and restaurant TYGA, which replaced Asha’s earlier this year.

Velvet has operated from Canal Street since 2009 and offers 36 guest rooms along with bar and brasserie-style restaurant, which is not currently in operation.

In 2022, Velvet expanded into the next door building, a project that saw a refurbishment of suites and a new reception introduced.

Tom O’Malley, director at Christie & Co, said the chance to buy the two established assets is “exceptionally rare”.

“Both Velvet Hotel and Forty Seven Hotel are highly distinctive assets operating in prime locations and we expect them to appeal to a broad range of investors, operators and hospitality groups seeking exposure to one of the UK’s most dynamic hotel markets.”

O’Malley added: “Manchester continues to attract significant levels of business and leisure demand, supported by major investment, regeneration and year-round events. These properties offer buyers the chance to acquire two recognised hospitality businesses with strong trading fundamentals and considerable future potential.”