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.
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.
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.
The hotel has only been open since 2021 following major redevelopment work overseen by Lothbury Property Trust.
The sale price has not been disclosed but last month Lothbury listed Malmaison as one of its top ten assets, valued at £31m.
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.
“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.
“We have an appetite and ability to pursue opportunistic transactions, and look forward to continuing our growth within the living sector.”
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.
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.
The hotel has only been open since 2021 following major redevelopment work overseen by Lothbury Property Trust.
The sale price has not been disclosed but last month Lothbury listed Malmaison as one of its top ten assets, valued at £31m.
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.
“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.
“We have an appetite and ability to pursue opportunistic transactions, and look forward to continuing our growth within the living sector.”
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NewsTranscript
00:00Hi, Chris Byrne here, Yorkshire Post Business and Features Editor. There's some big news
00:05today in the Yorkshire business world. Malmaison York, the hotel that only opened three years
00:11ago, has been sold to new owners. Firethorn Trust have come in and taken it on for an
00:15undisclosed sum. However, that comes only a few weeks after the hotel was valued at £31
00:23million, so that probably gives us an idea of, a rough idea of what the property was worth.
00:29Malmaison itself won't be moving, nothing should be changing. The hotel has a 35-year lease on
00:35the property, which is described as one of the best performers in the Malmaison chain.
00:40So let's see what happens from here.