Aprirose 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 €59.6m (£53m), representing a stabilised yield of over nine per cent.
In recent years Aprirose and its dedicated hotel management platform Almarose have 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.”