CentreIsland – Hotel developments

Two major hotels costing up to £50m are helping to rejuvenate a previously run-down area of central Manchester following advice from Gordons to management company Centre Island.

Teams from the firm undertook all the property and construction work, and advised on bank funding, for the Crowne Plaza and Holiday Inn Express hotels. Both are in Shudehill, in Manchester’s northern quarter.

Additionally, as the Crowne Plaza was initially a joint venture between Centre Island and First House Hotels, Gordons undertook corporate work on the structure of the deal and agreement between the two parties. The firm’s corporate team later finalised Centre Island’s buy-out of its former partner.

Gordons’ corporate and banking teams also advised on the part-funding of the Holiday Inn Express by other companies under the Centre Island umbrella.

Martin Griffiths, Non-Executive Director, Centre Island, said: “The Gordons experts performed very well as a team, to get us to where we needed to be, within the timeframes we were working to.”

The 140,000 sq ft, four-star Crowne Plaza hotel boasts 228 luxury bedrooms and cost between £25m and £30m, with funding provided by Bank of Scotland. The three-star Holiday Inn Express has 192 rooms, cost between £15m and £20m, and was partly financed by Co-Op Bank.