Firethorn Trust has bought the 150-bed Malmaison York from Lothbury Property Trust which, it was announced earlier today, is to be wound down with all its assets sold off.
The boutique hotel was sold in an off-market deal for an undisclosed sum, although Lothbury had placed a valuation on it of £31m. It is a 29,000 sq ft site occupied by Malmaison on a 35-year lease at £2.1m per annum.
Lothbury Investment Management, which has managed the £850m trust for 24 years, said it was to liquidate the fund due to the changing needs of its primary investors.
Malmaison York is located on Rougier Street, within the historic walls of York city centre. It is a redevelopment of a 1960s building previously known as Yorkshire House, and now features a rooftop sky bar, as well as Malmaison’s Work & Play facilities which include meeting pods, conference rooms and events space.
Firethorn director and head of living Marcus Weeks said: “Malmaison York is a high-quality asset that will perform well and create long-term value for us, while strengthening Firethorn’s presence in the living space.”
Firethorn was advised by Conway Real Estate, JLL and Maples Teesdale.
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Image © Firethorn Trust
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