Cube hotel and Marco restaurant sold for £12m
AHOTEL and restaurant in Birmingham city centre have been sold by administrators. Hotel Indigo at The Cube has been acquired by the Caskade Group off a list price of £12.5 million.
The leasehold deals comprise the four-star, 52-bedroom hotel and also the Marco Pierre White restaurant and whiskey and cocktail lounges on the canalside building’s 25th floor.
It comes after administrators from Kroll Advisory were appointed to the two previous operators and franchisees of both Hotel Indigo and Marco Pierre White restaurant at The Cube last year.
The venues had been impacted by the 2020 Christmas lockdown and other Covid restrictions but continued to trade during the intervening period under the control of administrators.
No other venues branded either Hotel Indigo or Marco Pierre White were affected by that administration.
London-based Caskade Group is a franchise operator, running restaurants such as KFC, Pizza Hut and Taco Bell.
Chief executive Hamid Ali said: “We are delighted to be investing in Birmingham and have exciting plans for the Hotel and restaurant.
“We are also looking forward to being one of the main host hotels for the Commonwealth Games this summer.”
Warrington-based independent operator Bespoke Hotels has been appointed to manage the venue which has been renamed ‘The Cube Hotel’.
The company already runs the Staying Cool apart-hotel rooms at the top of Birmingham’s famous Rotunda along with Billesley Manor in Stratford and the Telegraph in Coventry, opened in the former offices of our sister newspaper the Coventry Telegraph.
Chief executive Thomas Greenall said: “We’re delighted to welcome The Cube Hotel into the Bespoke family.
“It’s an iconic hotel in the heart of the country’s second largest city and offers a fantastic experience for all guests.
“This is very much a businessas-usual takeover, with the current team continuing their day-to-day roles unaffected.
“We are excited at the prospect of building on the hotel’s previous success and to help the destination venue reach new heights.”
Property consultancies Graham + Sibbald and Fleurets also worked on the deal.
Hugh Anderson, director of hotel and leisure at Graham + Sibbald, said: “It is testament to the continued strength of the hotel market that we are able to announce the sale of Hotel Indigo.
“We have worked collaboratively with the current operators, Kroll and the purchasers to secure a sale.
“This investment represents the buyer’s commitment to Birmingham and the faith buyers still have in the hotel and leisure sector after two very tough years.”
This is very much a business-as-usual takeover, with the current team continuing their day-to-day roles unaffected. Caskade Group