Millennium & Copthorne to Sell Birmingham Hotel to Paradise Circus Developer for £17.2m

Main Photo: The Copthorne Hotel Birmingham

Date: January 2021

Location: Paradise Circus, Birmingham, West Midlands, England, UK

Name: The Copthorne Hotel Birmingham

No. of Keys: 211

Seller: Millennium & Copthorne Hotels

Buyer: Paradise Circus Limited Partnership, a joint venture between Paradise developer Argent and Birmingham City Council.

The origins of the deal go back seven years when M&C agreed a compulsory purchase order agreement with the two parties.

M&C had agreed an option for a new hotel on the Paradise site, but it failed to reach an agreement with Argent or the City Council by a April 2 deadline and terminated the option to buy an alternative site.

In October, Argent submitted a planning application for a 49-storey Octagon residential tower, continuing the latest phase of the £700m Paradise Birmingham scheme.

The 49-storey, 510 feet tall tower will create a new landmark for the city as well as provide up to 346 homes.

There will be a mix of one, two and three bed homes, including some at affordable rents for key workers.

Price: £17.2m

Price per Key: £81,517

THPT Comment: This fits in the CDL strategy announced recently of selling of some of the provincial hotels. Not a bad price for the buyer.

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