An historic Leeds hotel has been acquired by a European operator in significant £53m deal.
The Queens Hotel, which stands next to Leeds Station, has been bought by Stockholm-based Pandox from its previous owner, the property investment firm Aprirose Ltd. The move means the 232-room art deco venue will be operated by Axion Hospitality under an agreement with Pandox, which owns a portfolio of about 157 hotels in 15 countries.
A range of notable people have stayed at The Queens Hotel, including actor Cary Grant and Nelson Mandela. It underwent a £16m refurbishment, completed in 2021, which turned the ground floor into a social hub with a number of communal areas, created additional bedrooms and revamped its bar and restaurant facilities.
Read more: "The four-day week was a game changer": How results of UK trial could change the way we work
Liia Nõu, CEO of Pandox, said: "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."
Pandox said the deal was financed financed by existing liquid funds and credit facilities. The firm was advised by Freshfields Bruckhaus Deringer led by real estate partner Victoria Hills, and associate Emilia Farley.
READ NEXT:
300 jobs on offer as Siemens Gamesa staffs up expanding Hull blade plant
Yorkshire housebuilder MJ Gleeson sees profits fall amid market slowdown
Former casino transformed into creative workspace Department Leeds Dock
Restaurant group San Carlo to relocate UK headquarters to Manchester landmark
- Read more Yorkshire & Humber business news here
