Con­tem­po­rary city ho­tel sold off a guide price of £13m

Yorkshire Post - Business - - COMMERCIAL PROPERTY -

A CON­TEM­PO­RARY city cen­tre ho­tel has been ac­quired by a Lon­don-based man­age­ment firm off a guide price of £13m.

Ho­tel 53, which is lo­cated on Pic­cadilly, within York’s his­toric city walls, will form part of Ax­cel Group’s ho­tel port­fo­lio, which also in­cludes sites in Manch­ester, Ed­in­burgh and Croy­don.

The 100-bed ho­tel, which op­er­ated in­de­pen­dently un­til its own­ers re­tired, is said to en­joy par­tic­u­larly high oc­cu­pancy rates.

It is a short dis­tance from the city’s re­tail of­fer­ing, York Cas­tle Mu­seum, York Dun­geons and the Bar­bican Cen­tre.

Lam­bert Smith Hamp­ton (LSH), which made the sale, said the ho­tel was a solid in­vest­ment, with healthy profit lev­els and fur­ther op­por­tu­nity to in­crease av­er­age daily room rates and yield.

“Ho­tel 53 also ben­e­fits from an on-site restau­rant and cocktail bar, as well as a se­lec­tion of busi­ness spa­ces and con­fer­ence suites,” it added.

Alis­tair Greenhalgh, direc­tor of ho­tels at LSH, said: “Ho­tel 53 was sold off-mar­ket on be­half of pri­vate clients, il­lus­trat­ing the cur­rent ap­petite for prime city cen­tre ho­tels.”

He added: “We wish our client a happy re­tire­ment and the new own­ers, Ax­cel Group, every suc­cess in their fu­ture plans for the ho­tel.”

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