TLT advises on sale of iconic four-star hotel
24th February 2022, 3:56 pm
TLT has advised on the £24.1m sale of the Hotel Brooklyn in Manchester to a Singapore-based investment firm through a share purchase agreement.
The four-star hotel opened in February 2020 and was recently named in the top 20 ‘hottest new hotels’ in the world for 2021 at the Traveller’s Choice ‘Best of the Best’ Awards.
CDL Hospitality Trusts, which also owns the Lowry Hotel in Salford, acquired the 196-year head lease of the property and will receive £2.3m per year in rent from HLD (Manchester) – the hotel’s occupational leaseholder.
TLT provided advice on all aspects including real estate, corporate and tax. The team was led by real estate partner Ranjeev Kumar, and included Antonia Silvestri (corporate), Mark Braude (tax), Leo Wilson (real estate), Henry Male (corporate), William Ngan (tax), Irina Angliss (corporate) and Andree Parker (pensions and incentives).
Ranjeev Kumar, partner at TLT commented: “This multi-million pound deal, which involved negotiations with some of Manchester’s leading hotel investors, is another great example of our full-service team coming together to support our clients in this sector.
“We’re pleased to have supported our client in this complex transaction, which we anticipate will play a significant part in energising the hospitality sector as it rebuilds post-pandemic. The last couple of years have not been kind to this industry, however the sale of the Hotel Brooklyn is a sign of recovery and an increase in investor appetite for city accommodation.”
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