Hotel franchiser Golden Tulip has bought premiership football club Manchester United’s official hotel for slightly more than £12.5m.
 |
|
| Golden Tulip: takes over ownership |
|
The 160-bedroom hotel, in which Manchester United had a 25% stake, was already managed by the UK arm of the Netherlands-based hotel group.
Extramini, a venture capital group made up of 25 individuals as well as Manchester United, was the former owner of the property.
In the six months to 1 September 2002, the hotel recorded an operating profit of £411,401 on a turnover of £1.1m.
It is budgeted to achieve an operating profit of £1.75m on a turnover of £3.7m in 2004.
Last September Golden Tulip UK announced that it had secured £33m of funding to open at least 30 hotels in the UK and Ireland.
According to its first annual report, which will be officially launched at the ITB tourism trade fair in Berlin tomorrow, turnover from Golden Tulip’s six UK properties was €8.2m (£5.6m) in 2002.
Peter Roberts, managing director of Golden Tulip UK, said the group was “looking actively” at six more sites at the moment and expected to make further announcements in the near future.