Earlier this year Liverpool’s Novotel on Hanover Street was put under offer for an amount considerably less than its asking price and has now been acquired by a Belgian investor.

Hotel investor Algonquin has acquired the city centre venue from administrator Chantrey Vellacot DKF for a sum of £13.5m.

The hotel will continue to operate under the Novotel brand but will now be managed by Accor.

Head of acquisitions and development for Algonquin, Stephane Obadia, said:

“We have been impressed by the quality of this asset and by the overall development of the city of Liverpool. This is our fourth hotel operated by Accor in the United Kingdom, and we are delighted to further strengthen this relationship.”

Founder and CEO Jean-Philippe Chomette, added:

“This new acquisition is in line with our focus to build our portfolio in high-growth regional markets of the UK. We will seek to secure a growing number of opportunities as the UK hotel market continues its promising recovery.”

Source: Big Hospitality 

Image source: The Telegraph