Global private investment firm, Starwood Capital Group has acquired the closed Renaissance Manchester hotel site from Urban & Civic, through a joint venture with Property Alliance Group, for an undisclosed sum.
Located on Deansgate and adjacent to Harvey Nichols, Selfridges and Manchester Cathedral, the prime city centre site currently includes a 206-bed hotel, car park and office building.
The joint venture is now drawing up plans to redevelop the site into a £200m mixed-used scheme including a new hotel, office space, car park and residential units.
Timothy Abram, Vice President at Starwood Capital, said, 'We have made several major investments in Manchester over the past decade and, following on from these successes, we are excited to have another opportunity to invest in the city.
'The redevelopment of this prime site has the potential to generate many economic benefits for Manchester and we hope this will be the first of many investments made through our new joint venture with Alliance.'