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CDL Trust has announced the acquisition of Hotel Brooklyn located at 57 and 59 Portland Street, Manchester, United Kingdom for £24.1m.
The firm said the hotel commenced operations in February 2021 and offers a total of 189 rooms, also offering two food and beverage outlets, three meeting rooms, accommodating up to 140 people, as well as a casino with a restaurant and bar.
The hotel is a four-star, upscale lifestyle hotel located in Manchester. It is within walking distance to the central business district as well as “popular” tourist attractions.
The property is presently held by Roundapple Hotel Partners Limited and upon completion of the acquisition, Roundapple will continue to hold the hotel.
CDL said it acquired the hotel because it offers an “attractive” property yield and accretive acquisition, it also is in line with the strategy of CDL to acquire assets with more “stable income” in order to increase resilience and fixed rental base.
The firm also alluded to it being a new property in an “excellent location”, as well as offering “great” economic prospects, since Greater Manchester is the second largest economic region in the UK after London. CDL also said Manchester has an already established tourism and “strong corporate travel demand.”
