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Starwood sets hotel record in Manchester, UK

An affiliate of Starwood Capital Group bought Holiday Inn Manchester City Centre, sealing one of the biggest hotel transactions in Manchester, U.K., year-to-date.

The hotel has 298 rooms across eight floors, 12 meeting rooms, a restaurant, open lobby and gym. It will continue be managed by Kew Green Hotels under a franchise agreement, and operate under InterContinental Hotels Group Plc's Holiday Inn brand, according to Starwood.

The seller, Dominvs Group, said in a separate statement that the sale is also the largest single-asset hotel transaction in Manchester on record.

The two parties did not disclose the financial terms of the deal. Manchester Evening News, on the other hand, said the deal carried a £58 million price tag.

The acquisition is Starwood's third in Manchester, following its purchase of The Royal Exchange in 2014 and The Palace hotel a year before that. Starwood reopened The Palace as The Principal Manchester in November 2016 and sold The Royal Exchange within the same month. Jon Asumendi, vice president at Starwood Capital Group, said the company remains bullish on the city's economy and its prospects for continued growth.