The Golden Tulip hotel in Manchester has been sold in a management buy-out worth over £12.5.

The hotel, acquired by Golden Tulip UK, was originally bought by private investors under a 5-year Enterprise Investment scheme which matured last month and operated under a management contract since 2001.

A £4m extension to the hotel was opened last year and it now has conference facilities and 160 bedrooms.

Peter Roberts, managing director of hotel development and franchise company Golden Tulip UK, said: I am delighted we have secured this successful business as an integral part of our portfolio. This is an exciting phase in the development of the Golden Tulip and Tulip Inn brands and we are currently in negotiations at six sites across the UK for new build hotels. I expect to confirm the first of these within the next few weeks.

Funding for the acquisition was provided by Graphite Capital and Clydesdale Bank. Details: www.goldentulip.com