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