Swedish based hospitality group Pandox, owner of an extensive property portfolio across Northern Europe, has announced its plan to buy well known English accommodations, the Midland Hotel in Manchester for GBP 115 million (USD 151,771,250) from real estate investment company, Aprirose.
Known more commonly as The Midland, the iconic hotel, built for a cool GBP 1 million in 1901 – which in today’s money translates into GBP 116,807,608.00, has been at the centre of life in Manchester since its construction and was voted Greater Manchester’s second-favourite building by readers of the Manchester Evening News in 2012.
Those to have stayed at the hotel include Queen Elizabeth, the Queen Mother, and Sir Winston Churchill and The Beatles.
With 312 bedrooms, two award-winning restaurants — Adam Reid at the French, and Mr Cooper’s — a Tea Room, a newly refurbished bar and lounge, 14 conference and meeting rooms, as well as a spa and gym, the hotel will retain its name following the acquisition. In addition The Midland will receive an investment of GBP 11 million for renovations.
Pandox is being partnered in the transaction with Fattal Hotels Group through its flagship hotel brand Leonardo Hotels.
Commenting on the acquisition, David Fattal, CEO of Fattal Hotels Group, said: “This fantastic acquisition of Manchester’s Midland Hotel represents a huge step forward in our ambitious growth strategy in the UK. The reputation of the hotel speaks for itself and with this, we have the opportunity to further expand and strengthen the depth and breadth of our portfolio.”
“This is truly one of the great hotels in the UK”
Jason Carruthers, managing director of Leonardo and Jurys Inn Hotels UK and Ireland, said: “We are delighted to have acquired the iconic Midland Hotel, which is very much a flagship acquisition for the group. This is truly one of the great hotels in the UK, which is rightly woven into the fabric of Manchester life.
With a very experienced management team and dedicated employees, the hotel fits well into our broader portfolio and is in line with our strategy to position the Group as one of the UK’s most significant hotel owner and operators. We look forward to working together with everyone at the Midland Hotel to help drive performance and continue to deliver exceptional guest experiences, as we look to retain this great hotel’s status in the heart of Manchester.”