Sweden-based hotel property owner Pandox has acquired The Queens Hotel in the heart of Leeds, UK, from Aprirose for £53 mln (€59.6 mln)
The transaction, which covers both the hotel property and operations, will initially be financed through existing liquid funds and credit facilities.
The 232-room hotel will be operated as an independent brand under a new management agreement with Axiom Hospitality.
The property comes with an expected stabilised yield of over 9%.
Liia Nõu, CEO of Pandox, commented: ‘We are pleased to acquire the iconic and market leading The Queens Hotel in central Leeds. 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, organization and product offering.’
The Queens Hotel has substantially renovated and upgraded all rooms, public areas, restaurant and bar in recent years.
Pandox currently owns 157 hotels with around 35,500 rooms in 15 countries.