UK: Marking the first acquisition in the EPISO 5 Fund, Tristan Capital Partners has purchased a four-star hotel in Deansgate, Manchester, with plans to rebrand.
The 261-room hotel first opened in May 2021 following a three year conversion from an office building. It currently has a gym occupied by TRIB3 and a contemporary food and beverage offering.
It will be rebranded to YOTEL which has 18 hotels in operation across Europe, Asia, and North America. Hamilton Hotel Partners will operate the new property.
Kristian Smyth, executive director of 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.”
The fund was advised by Greenberg Traurig, LLP, PWC, Workman and HVS.
