A Yotel property is set to open in Manchester following a rebranding of an existing hotel in the city’s Deansgate area.
Investment management company Tristan Capital Partners’ Episo 5 Fund has acquired the Qbic Manchester, which will be rebranded as the Yotel and operated by Hamilton Hotel Partners.
This is the first property in Tristan’s new £500 million hotel investment strategy.
The Qbic Manchester opened in May 2021 following a three-year conversion from a 1960s office building and comprises 261 rooms, a gym (currently occupied by Trib3) and F&B facilities.
Kristian Smyth, Executive Director, Investments at Tristan Capital Partners said:
“This acquisition represents the first step in our wider hotel strategy and we are very excited to have started with a hotel of this quality. The acquisition is our first alongside Hamilton Hotel Partners and we expect to continue to grow this relationship.
“Funds advised by Tristan have been actively pursuing hospitality opportunities with an emphasis on the UK and Spain and we are focused on acquiring assets which we believe will fit into either our core-plus or opportunistic funds. Our objective is to invest in excess of €500 million over the next 12 months and we are currently in discussions regarding a number of transactions in this space.”
This marks the second Qbic in the UK to debrand this year, with the Qbic London City now known as The Corner London City.
Yotel currently operates five properties in the UK, with the recent addition of Yotel Glasgow, and 17 other hotels across Europe, Asia and North America.