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NI firm, McAleer and Rushe, to build new hotel in Salford

Category: Northern Ireland

Published: 19th Apr 2012 15:55:31

County Tyrone-based developer, McAleer and Rushe, have been granted permission to build a 271-bedroom hotel at Salford in Greater Manchester.

The plan involves demolishing an office block to make way for the hotel and 120,000 sq ft of offices.

The Cookstown-based firm bought the Washington House block in Salford in 2007 using finance from Ulster Bank.

It has focused on projects in England in recent times and last year sold its W Hotel in London for almost £200m.

The Salford planning application was made in the name of a subsidiary firm, Timec 1209 LLP.

Planning permission was approved by Salford City Council's planning committee on Thursday.

Like many Irish developers, McAleer and Rushe suffered in the property crash but the firm returned to profitability in 2011.

Some of the firm's bank loans were also taken into the Irish government's National Asset Management Agency (Nama).

It is understood that Nama has approved the company's business plan and agreed a medium-term funding arrangement.

Source:
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BBC News, 2012. NI firm, McAleer and Rushe, to build new hotel in Salford [Online] (Updated 19th Apr 2012)
Available at: http://www.ukwirednews.com/news/1423369/NI-firm-McAleer-and-Rushe-to-build-new-hotel-in-Salford [Accessed 3rd Sep 2014]

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