Maven partners with IPIM to build Manchester's first Hampton by Hilton
£24.6m new build development of a 221 guest-room hotel in Manchester’s vibrant Northern Quarter is scheduled to be completed in 2020
Maven’s property team has announced its latest hotel development, with the building of the first Hampton by Hilton hotel located in central Manchester. Maven will act as the asset manager on behalf of Hong Kong based IP Investment Management (IPIM) to deliver the £24.6m project.
The 221 guest-room hotel will be located on Rochdale Road and Sharp Street in Manchester’s Northern Quarter. The site is in close proximity to attractions such as the 21,000 seat capacity Manchester arena as well as a range of bars, restaurants and shops. The hotel is to be built by Create Construction which is also nearing completion of a 130 guest-room Hampton by Hilton hotel development in Blackpool. Redefine|BDL Hotels, a leading UK hotel management company that already manages three other properties within Maven’s hotel portfolio, has been appointed to operate the hotel.
The venture is Maven’s first hotel collaboration with IPIM, having already worked together to deliver over 1,000 purpose built student accommodation beds at developments throughout the UK, including the £19m development of The Millhouse in Edinburgh and a new development at 800 Bristol Road in Selly Oak, Birmingham.
Maven’s property portfolio has expanded significantly in recent years and the team now manages 19 property investments with a combined Gross Development Value in excess of £250 million. This will be Maven’s eighth hotel development and expands a hotel portfolio which includes hotel Indigo, Ibis Styles and Travelodge hotels.
Hampton by Hilton is one of the UK’s fastest growing brands and has recently opened new hotels in Edinburgh, Glasgow, London and Aberdeen. This will be the first Hampton by Hilton in Manchester and will bring an established name to the city’s hotel sector which has seen strong occupancy rates over the past few years.
Colin Anderson, Investment Director at Maven, said: “We are delighted to continue our partnership with IPIM and welcome the opportunity to add Hilton to our brand stable for what will be our first development in Manchester, a vibrant city with one of the UK’s strongest performing hotel markets. The new Hampton by Hilton is situated in a superb location with a host of amenities on its doorstep and it will cater for the rising number of visitors coming to the area for leisure and business, as well as assisting with the further enhancement of the city’s Northern Quarter.”
Selina McFall, Investment Director, IP Investment Management, added: “Hampton by Hilton Manchester Northern Quarter will be IP Investment Management’s first investment in the hotel sector, so we’re delighted to be partnering with such experienced players in the sector in Maven, RBH and Hilton. It is our second investment in the Greater Manchester area, following our recent forward funding of a build to rent scheme in MediaCity, Salford, showing our confidence in the Manchester market.”