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The Queens Hotel, a Leeds city centre hotel, has been sold to hotel business Pandox for a total of £53m.
The sale of the 232-room business and leisure hotel includes both the property and hotel operations, with the agreed sale price of £53m representing a stabilised yield of over 9%.
The hotel was sold by Aprirose, a real estate investment company, who in recent years has executed a major renovation of the hotel, which includes an upgrade of all bedrooms, adding 17 more rooms, and repositioning all public areas, restaurants and bars.
Manish Gudka, CEO of Aprirose, said: “We are pleased to have executed the sale of this asset to deliver on our strategy for the property. Having followed our investment with a substantial and carefully considered capital expenditure programme to reposition the hotel, we have created value and generated a good return for our investors, exemplifying our overall approach to real estate investment.
“The hotel and leisure sector remains an important focus for our business, and we continue to look for opportunities to deploy our capital in high quality, well-located buildings in growth areas.”
Aprirose’s dedicated platform, Almarose, currently manages 20 properties within The QHotels Collection portfolio that has Delta Hotels by Marriott, DoubleTree by Hilton, Mercure branded properties and 14 individual hotels.
This includes leading country house, hotel and spa assets including Oulton Hall in Yorkshire and Slaley Hall hotel and luxury golf resort in Northumberland. In 2018, Aprirose also invested in a separate lifestyle concept, Birch, which continues to support its growth in the hotel sector.
