Main Photo: The Ducie Street Warehouse
Date: November 2019
Location: Manchester, England, UK
Name: Ducie Street Warehouse
No. of Keys: 158 one and two bedroom suites and 8 penthouses
Seller: US private equity firm Ares Investment and local developer Capital & Centric
Buyer: German based Deka Immoblien. Ducie Street Warehouse in Manchester, reputed to be the UK’s largest aparthotel, has been sold to Deka Immoblien for £80m.
The Grade two-listed redbrick Victorian warehouse near Piccadilly station was recently refurbished and expanded by Ares and Capital & Centric for a reported £25m, after they bought it from Goldman Sachs and Greystar for £25m in 2016.
The project involved restoring features like the building’s brick-vaulted ceilings and iron columns.
The property, still operated by Native, which is also owned by Ares Investment Management, features various F&B outlets, private meeting and dining rooms and an outdoor terrace, in addition to 158 one- and two-bedroom suites and eight penthouses.
Price per Key: £481,928
THPT Comment: Not bad economics…£30m profit after three years. Deka is a giant investor in 48 hotels in 25+ countries, although little in the UK…just three – The Clayton Birmingham, Malmaison London and Radisson Blu Edinburgh.
First Seen: The Caterer
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