Manchester’s most famous hotel has been sold in a deal worth £115m.
The new owners – Swedish investment company Pandox and Fattal Hotels Group – has said it will invest £11m in a facelift for some of the rooms and bathrooms,
The Midland is Manchester’s most famous hotel and is home to Adam Reid at the French, which is considered by many to be the city’s best fine dining restaurant.
The new owners have said they will operate the Midland under its Leonardo Hotels brand but the hotel will keep its name.
Real estate investment company Aprirose bought the hotel in September last year and has now sold it on.
The hotel originally opened for business in September 1903 was built by the Midland Railway to serve Manchester Central railway station at a cost of £1m.
According to legend The Midland was coveted by Adolf Hitler, who had a keen interest in architecture, as a possible Nazi headquarters in Britain.
American intelligence claimed that the area of Manchester around the hotel and town hall was spared from bombing so as not to damage or destroy the Midland.
The four star hotel has 312-bedroom hotel has two restaurants, 14 conference and meeting rooms, and a spa and gym.
There were high hopes that Adam Reid at the French would land a coveted Michelin Star this year but they came to nothing.
The Midland was the last venue in the city centre to hold a Michelin Star back in 1977.
David Fattal, chief executive of Fattal Hotels Group, said: “This fantastic acquisition of Manchester’s Midland hotel represents a huge step forward in our ambitious growth strategy in the UK.
“The reputation of the hotel speaks for itself and with this, we have the opportunity to further expand and strengthen the depth and breadth of our portfolio.”
Anders Nissen, CEO of Pandox, said: “The acquisition of The Midland Manchester is industrially sound and meets all of Pandox’s acquisition criteria.
“The hotel, which has iconic status in Manchester, is an upper premium, full-service hotel with a very attractive central location and demand from all client segments.
“The hotel offers clear potential for increased revenues by upgrading the room product and by increasing the number of rooms.
“After the acquisition, Pandox will own two hotel properties with strong central locations in a city which is the economic and cultural nexus in one of the fastest growing regions in the UK.”