Jones Lang LaSalle Hotels has been appointed by Simon Appell, Alastair Beveridge and Anne OKeefe of Zolfo Cooper LLP, the Joint Administrators of Dania Properties Manchester Ltd. (in Administration) as sole exclusive agents to offer for sale the freehold interest in the Grade II listed 148 bedroom 4 Star Marriott Victoria & Albert Hotel, Manchester.
George Nicholas, Executive Vice President at Jones Lang LaSalle Hotels said “We are delighted to offer for sale the Marriott Victoria & Albert Hotel, Manchester. The hotel represents a rare opportunity to acquire an internationally branded upscale hotel with the benefit of a lease contract guaranteed by Marriott International Inc., in one of the UK’s leading cities”
“Manchester appears resilient in comparison to other regional cities. It has an active and diverse base of national and international companies in both professional and financial services as well as world class sporting and cultural amenities. Due to the diverse and wide spectrum of business generators, Manchester is well poised to benefit from the economic recovery ahead of many other key regional cities. Due to the superior riverside location, we anticipate significant interest from hoteliers and property developers who will look to maximise the property’s potential”
The hotel has an excellent location on Water Street in the heart of Manchester’s central business district. Opposite the hotel, currently up for sale, is the 19 acre old ITV Broadcasting headquarters, which has been the film set for famous programs such as Coronation Street and Countdown. The site is subject to a master plan which will see the area around the hotel being redeveloped to provide a new commercial and residential district with up to 130,000 sq.m of new accommodation. Spinningfields is located adjacent to the hotel, and is the largest city centre mixed use development in the UK with over 236,000 sq.m of accommodation and houses corporate occupiers such as RBS, Barclays and Deloitte. The hotels proximity to all of these key business districts, as well as its position within an area which is set to undergo significant investment will bolster the hotel.
Marriott is one of the largest global hotel operators with approximately 3,500 hotels worldwide. Of these, over 500 hotels operate under the signature brand of “Marriott Hotels & Resorts”. This brand has a very loyal international customer following and stands for exceptional and consistent levels of service and quality worldwide.
During the first six months of 2012, Marriott International achieved a total revenue of $5.3 billion and a Net Income of $247 million, compared to a total revenue of $5.8 billion and a Net Income of $236 million for the comparable period in the prior year.
Logos, product and company names mentioned are the property of their respective owners.