Tue, 11 Sep 2012 | BUSINESS SALE
The Marriott hotel in Manchester, The Victoria & Albert, is up for sale after experiencing a troubled recent history.
Administrators of Dania Properties Manchester are handling the sale of the 148-bed property, which is on the market for between £15 million and £20 million.
The Manchester arm of Dania Properties is one of several of the business' branches to enter administration. The hotel is also part of RBS's £1.4 billion joint venture with US investor Blackstone Group, which has experienced a number of problems recently.
RBS became involved with the V&A hotel in 2001 following a sale-and-leaseback deal. It attempted earlier sales of the property in 2007 and 2010 before agreeing to allow Marriott to operate the property.
George Nicholas, executive vice president at sale advisers Jones Lang LaSalle Hotels, commented: “The hotel represents a rare opportunity to acquire an internationally-branded upscale hotel with the benefit of a least contract guaranteed by Marriott International.
“Due to the diverse and wide spectrum of business generators, Manchester is well posed to benefit from the economic recovery ahead of many other key regional cities.”
He added that the riverside location of the hotel is also set to generate significant interest from hoteliers and property developers.
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