The Holiday Inn Express, Trafford City in Greater Manchester, has been sold to Meteorite Group, a wholly owned subsidiary of Hiap Hoe, a premium real estate group from Singapore.
JLL’s hotels and hospitality group advised a joint venture between Topland Group, Marrick Capital and Mill Lane Estates to sell the hotel to Meteorite Group.
The hotel – which opened in May this year – is currently operated by Tower Hotel Management, which is part of the Peel Group.
It will continue to manage the Holiday Inn Express, Trafford City, under a management agreement on behalf of Meteorite Group.
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“This was a fantastic opportunity to acquire a property of iconic design with excellent transport connections and close proximity to a range of attractions including the Trafford Centre and EventCity,” said Gavin Wright, director of JLL’s hotels and hospitality group.
“Manchester welcomes approximately 1.2 million tourists every year visiting for business, entertainment, sporting events, leading universities as well as a strong retail offering.”
Hiap Hoe has a wide-ranging portfolio of hospitality, retail, commercial and residential assets, including the 405-bedroom Days Hotel and 382-bed Ramada Hotel in Singapore.
“We are delighted to have sold the Holiday Inn Express, Trafford City, to Hiap Hoe,” added Kerr Young, director at JLL’s hotels and hospitality group.
“This is their first acquisition in the UK and demonstrates the fact we are seeing increased demand from Asian capital in the UK, due in part to the recent devaluation in sterling and the strong underlying fundamentals of the UK hotel sector.”