Ramada deal boosts city’s flagging property market

Jul 16 2008 by Barry Turnbull, Liverpool Daily Post

VERMONT Developments has delivered a shot-in-the-arm for the city’s property market with news of a deal to lease 66 apartments at The Quarter.

The leased units will be operated as serviced apartments under the Ramada brand for 20 years. The US hotel chain has previously agreed to run a 173-bedroom hotel on the site.

In addition, Vermont has revealed that 83% of the 187 apartments in the first phase of the £100m scheme have now been sold.

The 66 apartments leased to Ramada form part of the second phase, that includes the Ramada hotel and a total of 112 apartments.

Chief executive Mark Connor says business remained brisk, in stark contrast with current conditions in the rest of the property market.

He said: “We are obviously delighted to have achieved another positive milestone for The Quarter. It is a tough market, but we believe in the quality of our scheme.

“Given the challenging residential sales market, achieving an agreement to operate these units on a serviced basis is obviously welcome news and a testament to our vision for The Quarter, and also the confidence shared by our hotel operator.

"Taken together, the 66 apartments and the 173-room hotel will create a unique offer in the marketplace and will establish Liverpool as a key destination for the Ramada Plaza brand. This is a high-quality brand aimed at corporate and high-end leisure customers and given the position of our scheme, adjacent to the new Liverpool Arena and Conference Centre, The Quarter represents a good fit for the city.”

However, Vermont has put on hold a £40m residential development in Salford until the market picks up.

Mr Connor added: “It makes sense for us to reconsider our proposals and timescales for the project until such time as there is more certainty in the residential and mortgage markets.”

The Ramada serviced suites will be operated by its joint partner Corinthia Hotels International (CHI), which is also managing the four-star hotel next door.

The serviced units are located in The Tower element of scheme. It features 112 luxury one and two-bedroom apartments in 22-storey glass fronted building.

barry.turnbull