The Ramada hotel at has been sold as part of a double deal worth more than £21.5 million which could see a new company in place.
MCAP Global Finance, a Ƶ subsidiary of the New York investment advisor Marathon Asset Management, has bought the 90-room hotel and another Ramada in Salford Quays, Greater Manchester, from Shiva Hotels.
The pair were sold for "in excess" of the £21.5 million guide price although no exact figure was placed on the deal.
The acquisitions come just weeks ahead of The Mailbox unveiling its new look which includes a and revamped office space.
Shiva Hotels decided to market the properties earlier this year as they were deemed non-core within their portfolio and they have been sold with the opportunity to break the existing franchise agreement and reposition to another four-star brand.
They will be managed by Valor Hospitality, on behalf of MCAP Global Finance.
Property consultancies JLL and Savills acted for the seller.
Will Duffey, executive vice-president in JLL's hotels and hospitality group, said: "The combination of the exceptionally strong regional Ƶ hotel operating market, together with the operational flexibility of these assets, drove considerable appetite from investors.
"With over 80 parties signing the non-disclosure agreement to consider the opportunity, we were able to drive an exceptional price in excess of the £21.5 million guide."
Rob Stapleton, director in Savills' hotel investment team, added: "These two hotels were well received by the market and provide compelling investment opportunities.
"They are an excellent addition to Marathon's growing Ƶ portfolio. We are also delighted to have secured such strong results for our clients enabling them to further their own portfolio repositioning strategy."
