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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