Manchester’s Townhouse Hotel has new owners following its sale for £12.5m.
The Grade II listed property, which dates back to 1870, was formerly a cotton warehouse before opening as an 85-bedroom hotel in 1982.
In 2010, the Portland Street property underwent an extensive refurbishment programme to create a four star boutique hotel with a brasserie, bar and self-contained business centre.
Singapore-headquartered developer Fragrance Group, represented by real estate advisor Savills, has acquired the hotel from Harcourt Developments in a £12.5m deal.
Martin Rogers, head of UK hotel transactions at Savills, said: “We are very pleased to have acquired this well-established hotel on behalf of our client.
“The hotel investment market in the North is performing strongly with transactions totalling £304m in the first half of this year alone.”
Under its new ownership, the property will be managed by Bespoke Hotels.
Harcourt Developments was represented by Lambert Smith Hampton.
Alistair Greenhalgh, a director at LSH Hotels, added: “The sale of the Townhouse Hotel in Manchester illustrates the current appetite for prime city centre hotels as, yet again, we have seen competitive bidding on a prime asset.
“The Brexit referendum and subsequent slump in the value of the pound is attracting overseas investors in their droves, many of which are keen to take advantage of the currency trade off by pursuing UK hotel opportunities.”