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 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.
First Seen: The Business Desk
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