Wed, 23 Mar 2022 | BUSINESS SALE
Administrators at Kroll Advisory have put the Ainscow Hotel in Salford up for sale, with offers in excess of £8.5 million being sought. The Ainscow fell into administration in September 2021, along with other businesses in the Artisan Property Group.
Dating back to the 19th century, the site was previously home to a brewery and a preserves factor. The Artisan Property Group acquired the site in 2003, before converting it into the hotel, which first opened in 2014.
The Ainscow has 87 en-suite guest bedrooms and a secure car park with space for 36 vehicles. There is reportedly the scope for the hotel to be expanded to up to 144 bedrooms, while there is existing planning permission to add a further 5 guest bedrooms and 99 residential apartments.
Kroll Advisory were appointed administrators to businesses in the Artisan Property Group in September 2021 after the group was affected by the “industry ramifications” of the Grenfell Tower tragedy, with several of the group’s residential buildings incorporating cladding that would have to be replaced.
Joint administrators Andrew Knowles and James Saunders of Kroll Advisory are now bringing the Ainscow Hotel to the market and have engaged Knight Frank to market the property for sale.
Matthew Smith, partner in Knight Frank’s Hotels division, commented: "We are delighted to be acting on behalf of the joint administrators and given the lack of hotels available for sale in the current market we expect the Ainscow hotel will be well received from an array of buyer profiles.”
“The hotel benefits from several value-add opportunities to include the potential to create an additional 57 guest bedrooms and 99 residential apartments, subject to planning permission.”
"The north-west of England recorded over £300m of hotel transactions in 2021 and was ranked as the third most liquid region in the UK (excluding London) with Manchester accounted for 73 per cent of this regional activity, highlighting the attractiveness of the region for hotel investment."
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