Wednesday, April 21, 2021
UK

Property company Hiap Hoe ventures into UK hospitality industry with hotel buy in Manchester

Property company Hiap Hoe on Friday announced that it has, through subsidiaries, signed a sale and purchase agreement to buy Holiday Inn Express in Trafford City, Mercury Way, Manchester, from Topland, Mill Lane Estates, and Marick Capital.

The purchase price of S$46.2 million (£26.3 million) is equal to its net asset value, after taking into account a valuation report prepared by an independent professional valuer, trade projections for the hotel and the recently transacted prices for other hotels in Manchester.

The consideration will be fully funded through a combination of internal resources and debt, Hiap Hoe said.

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