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The Ainscow Hotel in Manchester has hit the market for offers in excess of £8.5m on behalf of joint administrators Andrew Knowles and James Saunders of Kroll Advisory Ltd.
Knight Frank has been appointed as the sole selling agent and the firm said 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 Ainscow hotel currently comprises 87 ensuite guest bedrooms with double rooms that measure approximately 29 square metres to executive doubles and suites that are arranged over two floors and measure up to 53 square metres.
The hotel also operates with a structured management team and reportedly attracts both private leisure and corporate markets.
Last year, the third floor was reconfigured to convert several meeting rooms and food and beverage areas into guest accommodation, increasing the room count from 73 to 87.
Matthew Smith, partner in Knight Frank’s Hotels team, said: “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 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 accounting for 73% of this regional activity, highlighting the attractiveness of the region for hotel investment.”
The freehold hotel is situated one mile from Central Manchester and within a five-minute walk from Spinningfields and Manchester’s financial district to the north west of the city centre. The Manchester Arena, Old Trafford Football stadium and The Etihad football stadium are also in close proximity.
The property was originally the home of The Watson and Woodhead Brewery in 1878, before it became a Mackie and Sons Fruit Preserves jam factory in 1972. The Artisan Property Group then purchased the property in 2003 and later converted the building into a hotel, which opened in 2014 following a major capital expenditure programme.
