89-bedroom hotel close the affluent area of Wilmslow has been acquired by global investors in a deal brokered by real estate advisors Colliers.
The specialist hotels team at real estate advisors Colliers, acting on behalf of private owners the Alexander family, has successfully concluded the sale of the Pinewood on Wilmslow Hotel, the renowned south Manchester hotel has sold to growing hospitality group, AG Hotels.
The opportunity was confidentially launched to the market at a guide price of in the region of £5.5 million.
Colliers acted for the private vendors who owned and operated the business for approaching 11 years.
The deal was brokered by Julian Troup, head of UK hotels agency at Colliers, who described the transaction as “another example of us being able to attract significant interest yet in a highly confidential fashion. The sale reflected continuing strong demand for quality hotel accommodation from both overseas and domestic buyers. Despite 2020 being a challenging year, due to COVID, trade had recently started to return towards pre pandemic levels.”
Since the beginning of 2021 Colliers has sold over 100 UK hotels and associated businesses to a diverse range of buyers.
The hotel is located close to the affluent area of Wilmslow and close to Manchester International Airport, and has traded successfully following the heavy investment undertaken by the sellers to provide outstanding facilities including 89 en-suite letting bedrooms, One Eighty Restaurant Bar and Lounge (70 covers) and an extensive range of conference and function facilities (the largest of which being the Cheshire Suite for up to 140 persons) all standing in a site extending to over 2.5 acres.
Girish Grover, CEO of new owner group, AG Hotels, says: “We are delighted with our acquisition of the Pinewood on Wilmslow Hotel and have exciting plans to invest in the future growth of its business.”