A joint venture between Topland, Marick Capital and Mill Lane Estates has sold a Holiday Inn Express close to the Trafford Centre to Meteorite Group, a wholly-owned subsidiary of Singapore property business Hiap Hoe, for £26m.
The 220-bedroom hotel was built using modular construction methods and opened in May. Sitting adjacent to Event City, it will continue to be managed by Peel subsidiary Tower Management.
The deal represents a successful exit from its second project for the JV, which acquired a 1.75-acre development site from Peel, obtained a planning consent, secured an operator and developed the site.
Sol Zakay, executive chairman and chief executive 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.