Deal to create £17.5m Hampton by Hilton hotel in Manchester
Private equity firm Maven Capital Partners is teaming up with Hong Kong-based IP Investment Management (IPIM) to build a £17.5m hotel in Manchester.
The 221-guestroom site, located on Rochdale Road and Sharp Street in the Northern Quarter, will be the city’s first Hampton by Hilton hotel.
Create Construction, the company building the Hampton by Hilton in Blackpool, has been appointed to deliver the scheme.
Hotel management company Redefine|BDL Hotels (RBH) will operate the venue.
The project represents Maven’s first hotel collaboration with IPIM. The two firms have already worked together to deliver more than 1,000 purpose-built student accommodation beds at developments across the UK.
Maven investment director Colin Anderson said: “We are delighted to continue our partnership with IPIM, RBH and Create Construction and welcome the opportunity to add Hilton to our brand stable for what will be our first development in Manchester, a vibrant city with one of the UK’s strongest performing hotel markets.
“The new Hampton by Hilton is situated in a superb location with a host of amenities on its doorstep and it will cater for the rising number of visitors coming to the area for leisure and business, as well as assisting with the further enhancement of the city’s Northern Quarter.”
Selina McFall, investment director at IPIM, commented: “Hampton by Hilton Manchester Northern Quarter will be [our] first investment in the hotel sector, so we’re delighted to be partnering with such experienced players in the sector in Maven, RBH and Hilton.
“It is our second investment in the Greater Manchester area, following our recent forward funding of a build to rent scheme in MediaCity, Salford, showing our confidence in the Manchester market.”
Andrew Robb, chief development officer at RBH, which already runs three properties within Maven’s hotel portfolio, said of the deal: “We’re thrilled to add yet another hotel to our growing portfolio.
“Hampton by Hilton Manchester Northern Quarter will be RBH’s third Hampton by Hilton property, and our fourth property in Manchester. We’re also delighted to be continuing our successful partnership with Maven and building new relationships with Create Construction and IPIM throughout the project.”