Courtesy of Oberland
The Heathcote Hotel in Manchester
UK investor and asset manager Oberland has teamed with a Singaporean crowdfunding investment platform to buy a Manchester city centre hotel, Bisnow can reveal.
Oberland and RealVantage have bought the 61-room Heathcote Hotel, formerly the Abode Hotel, for an undisclosed sum from the family that owned the property.
Built in 1899, it was designed by Mancunian architect Charles Henry Heathcote and is reminiscent of Jacobean architecture. The Grade II-listed building still retains a formal staircase, original tile work and an ornate red-sandstone and brick Jacobean-baroque façade.
Oberland plans to revive the property, restoring its heritage features and introducing modern elements in guest rooms and public areas.
It is the second time the two firms have teamed up — they bought a £12M, 59-room hotel in Glasgow in April, with RealVantage owning 85% and Oberland owning 15%.
Oberland was set up in 2022 with a focus on buying heritage properties and improving their fabric and operations, with the hotels aimed at younger midmarket travellers. It is backed by Swiss Finance & Property, and its directors are former Value Retail Director William Riordan and EQT Exeter Director Andrew Dean.
Its portfolio now comprises 11 assets across three countries.
RealVantage is a Singapore-based real estate crowdfunding platform that has raised capital from individual investors for 126 deals, 41 of which have been sold, the company’s website says.
“The property marks another step in our speciality and focus on heritage properties, with its striking architecture and impressive features,” Riordan said in a statement about the deal. “We see significant value creation opportunities and look forward to restoring the guest and public experience.”
Oberland said it was supported in the transaction by strategic partner Swiss Finance & Property Group, Scottish investor and developer Glencairn Properties, and hotel investor and operator C1 Capital Partners.