Exit Announcement - Cresta Court Hotel
18 April 2017
Private investor clients of Connection Capital, the specialist private client investment business, have sold a landmark Best Western branded hotel in Altrincham, near central Manchester to its management in a deal worth £6.6million - doubling their money within four years.
The MBO of the Best Western Manchester Altrincham Cresta Court Hotel was backed by Vine Hotels Ltd, a hotel operating company chaired by Greg Dyke, the former BBC Director-General and FA Chairman. Vine Hotels owns and operates a number of hotels in South Yorkshire and Derbyshire.
Connection Capital’s clients invested £2million in the 140-bedroom, 3-Star hotel in 2013 alongside experienced hotel operator Longrose Buccleuch Management Ltd, purchasing it from a receiver portfolio for £3million.
The opportunity was secured by Connection Capital’s property partner, Riverside Capital. Connection Capital clients were able to invest in tranches of £25,000.