Shiva Hotels is to sell its Ramada Birmingham Mailbox and Ramada Salford Quays to MCAP Global Finance, a UK subsidiary of New York investment advisor Marathon Asset Management, for a price in excess of £21.5m.
The two hotels comprise 90 and 142 bedrooms respectively, along with a bar, restaurant and conferencing and business facilities.
The Ramada Mailbox in Birmingham is located within the mixed-use Mailbox development, which is currently undergoing a £50m modernisation programme.
Shiva Hotels put the properties up for sale in February, deeming them non-core to their portfolio, as the group looks towards London for new opportunities.
The two hotels will be managed by Valor Hospitality, on behalf of MCAP Global Finance and re-branded.
Will Duffey, executive vice-president in JLL’s hotels & hospitality group, said: “The combination of the exceptionally strong regional UK hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors.
“With over 80 parties signing the NDA to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5m guide.”
Rob Stapleton, director in Savills’ hotel investment team, added: “These two hotels were well received by the market and provide compelling investment opportunities; they are an excellent addition to Marathon’s growing UK portfolio.”