Hotel investment volumes in Manchester were higher than any other UK city outside of London in 2017, according to international real estate advisor Savills, with nine deals totalling Β£178.55 million.Β This was 52% greater than the Β£117.43 million seen in Edinburgh, the second highest regional city by volume, and more than double Manchesterβs Β£83.1 million total in 2016.
Deal count was also up year-on-year in Manchester, reports the firm, with nine hotel transactions completed in 2017 compared to six in 2016.Β Overseas investors were the dominant buyer type, accounting for 81.5% (Β£145.5 million) of hotel deals.Β This was led by Singaporean and US investors, with purchases totalling Β£91 million andΒ Β£54.5 million respectively.
Savills highlights Dominvs Groupβs Β£54.5 million sale of the Holiday Inn Manchester City Centre to US-based Starwood Capital and Westmont Hospitalityβs Β£52.5 million sale of the Lowry Hotel to Singaporean City Developments Ltd (CDL) among the most notable deals of last year.Β The latter underlines the particularly strong demand from Asia-Pacific buyers in Manchester, where 49.3% of all hotel acquisitions in the UK regions by this buyer type were located in 2017.
There were 1,127 individual hotel rooms sold in Manchester last year, says Savills, marking a 32% increase on the 854 room total of 2016.Β At Β£144,560, the average price per room was 36% higher than the UK average (excluding London) of Β£106,290.
Tom Cunningham, hotels director at Savills Manchester, comments:Β βManchester is a truly global city with high levels of recognition thanks to its international airports, forward-thinking city council, strong visitor numbers and numerous sporting, business and leisure events every year.Β The strength of its hotel investment market is a reflection of this, and we expect 2018 to be another robust year.β
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