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Place North West | Starwood, PAG unveil £200m Renaissance plans

Dan Whelan and Sarah Townsend
A joint venture between developer Property Alliance Group and investor Starwood Capital Group has acquired the 1970s Manchester hotel and intends to redevelop it into a mixed-use scheme with offices, homes and a new hotel.
A controlled affiliate of Starwood, through the JV with PAG, scooped up the long leasehold of the Renaissance site on Deansgate from developer Urban & Civic for an undisclosed sum, the Florida-headquartered private investment firm said. Manchester City Council retains the site’s freehold. The companies declined to reveal their split of JV interests.
Starwood Capital, headed by Barry Sternlicht, focuses on real estate and energy investments and has around £60bn of assets under management. Among its past hotel assets were the Principal portfolio – 14 assets including the Principal Manchester on Oxford Road, since renamed the Kimpton Clocktower – which it sold to Intercontinental Hotels Group for £858m in 2018, a ....

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Starwood Capital And Property Alliance Group Acquire Prime City Centre Site On Manchester's Deansgate

Starwood Capital And Property Alliance Group Acquire Prime City Centre Site On Manchester s Deansgate
Renaissance Manchester site to be redeveloped into £200m mixed-use scheme
LONDON, Jan. 15, 2021 /PRNewswire/ Starwood Capital Group (Starwood Capital), a global private investment firm focused on real estate and energy investments, announced today that a controlled affiliate, through a joint venture with Property Alliance Group (Alliance) has acquired the Renaissance Manchester site from Urban & Civic for an undisclosed sum.
Located on Deansgate and adjacent to Harvey Nichols, Selfridges and Manchester Cathedral, the prime city centre site currently includes a 206-bedroom hotel, car park and office building. The joint venture is now drawing up plans to redevelop the site into a £200m mixed-used scheme including a new hotel, office space, car park and residential units. ....

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