Aprirose, the real estate investment company, has sold The Queens Hotel in the heart of Leeds city centre to Pandox, a leading owner of hotel properties in Northern Europe.
The sale of the 232-room business and leisure hotel, one of the most famous landmarks in Leeds, includes both the property and hotel operations, with an agreed sale price of £53 million, representing a stabilised yield of over 9%.
In recent years Aprirose and its dedicated hotel management platform Almarose 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, 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 for owned and operated hotels continues to go from strength to strength; 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.
For 35 years, Aprirose, the London based real estate investment company, has been delivering consistently high returns across a variety of different sectors and geographic markets. The company has a diverse portfolio and is managed by a senior, multidisciplinary team. The team has a wealth of experience and knowledge of the cyclical property market and are uniquely positioned to act on areas where they identify potential and advantage.