A joint venture between Topland, Marick Capital and Mill Lane Estates has sold the Holiday Inn Express, Trafford City to Meteorite Group, a wholly-owned subsidiary of Hiap Hoe, for £26million.
The 220-bedroom hotel was built using modular construction methods and opened in May 2017. It is currently operated by Tower Management Limited in an arrangement which will continue under a management agreement on behalf of Meteorite Group.
This is the joint venture’s second project having previously collaborated on the construction of a 209-bedroom Hampton by Hilton hotel at London City Airport. It then acquired a 1.75 acre development site adjacent to the Trafford Centre from Peel Holdings. Having obtained planning permission, secured an operator and developed the site, the joint venture has now concluded a successful exit in order to focus on future hotel development opportunities.
Sol Zakay, executive chairman and CEO of Topland, said: “This venture is an integral part of our strategy to boost exposure to the hotels sector. The combined blend of expertise within the team has created an entrepreneurial and well-funded business that is poised to capitalise on hotel development opportunities throughout the UK.”
Brandon Riley of Mill Lane Estates, who acted as development manager on the project, added: “This project was unique in its speed of delivery as modular construction methods enabled us to deliver a finished product within just 39 weeks, giving our investors an operational and income-producing asset in record time.”
The joint venture was advised by JLL, Osborne Clarke and Mills & Reeve in the transaction, while Proskauer represented Meteorite Group.
