Manchester's Ainscow hotel bought out of administration off £7.5m guide price
The Ainscow hotel in Manchester has been sold out of administration to an undisclosed buyer.
Knight Frank completed the sale to a UK property and leisure investment company off a guide price of £7.5m on behalf of joint administrators Andrew Knowles and James Saunders of Kroll Advisory Ltd,
The 87-bedroom hotel, which features a car park for 36 vehicles, had fallen into administration in 2021. Its parent company the Artisan Property Group was impacted by the industry ramifications from the Grenfell Tower disaster, as several residential buildings owned by the group had cladded facades.
The Ainscow hotel was put on the market for £8.5m in March 2022.
In 1878, the property was home to the Watson & Woodhead Brewery. In 1972, it became the Mackie & Sons Fruit Preserves jam factory and in 2003, the site was purchased by the Artisan Property Group, who later converted the building into a hotel that opened in 2014.
Matthew Smith, partner in the hotel agency team at Knight Frank, said: "Following a comprehensive marketing campaign that generated multiple offers, we're delighted to close on the Ainscow Hotel, and we wish the new owners all the very best with their future plans.
"This sale highlights that there is activity in the market and the Knight Frank Hotels teams continue to achieve clients' objectives through careful management of transactions."
