Malmaison York: New owner buys landmark hotel for undisclosed sum weeks after £31m valuation revealed from looking to my eyes by rohied chan Watch Video

⏲ Duration: 0:43
👁 View: 4.5M times
✓ Published: 24-Jun-2024

Description:
A landmark Yorkshire hotel has been purchased by a London-based real estate investor for an undisclosed sum – weeks after the property was valued at more than £30m.<br/>The property used by Malmaison York, based in the former Yorkshire House building once used by insurance giant Aviva as offices, has been sold to Firethorn Trust.<br/>The 29,000 sq ft site with 150 bedrooms is occupied by Malmaison under a 35-year lease, with a current rental income of £2.1m per annum.<br/>The hotel has only been open since 2021 following major redevelopment work overseen by Lothbury Property Trust.<br/>The sale price has not been disclosed but last month Lothbury listed Malmaison as one of its top ten assets, valued at £31m.<br/>Marcus Weeks, Director and Head of Living at Firethorn Trust, said: “Malmaison York is a high-quality asset that will perform well and create long-term value for us, whilst strengthening Firethorn’s presence in the living space.<br/>“It’s a fantastic addition to our investment portfolio and complements our wider development strategy to deliver high-quality spaces in great locations that enable people and places to thrive.<br/>“We have an appetite and ability to pursue opportunistic transactions, and look forward to continuing our growth within the living sector.”