Shiva Hotels has sold two Ramada sites for over £21.5m following a bidding war from 80 parties.
The Ramada Salford Quays (pictured) and Ramada Birmingham Mailbox has been sold to asset management firm MCAP Global Finance. The two hotels will now be managed by Valor Hospitality.
Shiva, which operated both hotels under flexible franchise agreements from Wyndham, deemed the two properties “non-core within their portfolio” after buying up a number of development sites in central London.
MCAP are the London-based arm of US investment advisor Marathon Asset Management.