Swedish investor Pandox has bought the Queens Hotel in Leeds for £53m from Aprirose.
The acquisition includes both the 232-bedroom hotel property and its operations. The recently renovated hotel will be operated as an independent brand under a new management agreement with Axiom Hospitality.
The acquisition price reflects an expected stabilised yield of more than 9%. The acquisition will initially be financed with existing liquid funds and credit facilities.
Liia Nõu, chief executive at Pandox, said: “The hotel is located next to the city’s largest square and the central station, attracting both leisure and business travellers. The hotel product is in very good condition after a newly completed renovation.
“The transaction is made at an attractive yield, and we see good potential to further increase the hotel’s return over time through active measures in operation, organisation and product offering.”
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