The disposal of the hotel, which is operated by Marriott, is part of the company’s plan to focus on larger-scale developments.
The 11.8-acre Deansgate site, which comprises the hotel, a basement car park and surrounding buildings, was acquired by Urban&Civic along with the Princes Street site.
Prices Street is currently under development and will be revamped as Manchester New Square.
“This is a prime development site in the heart of the city with the advantage of medium-term income enabling a purchaser to take time to put together plans for comprehensive redevelopment,” said Philip Leech, property director at Urban&Civic. “We believe in the strong underlying dynamics of the Manchester market, which are evident through our residential and mixed-use development at Manchester New Square, and we expect a strong level of interest in this exciting opportunity.”
JLL and Savills are advising on the sale.