Sweden-based hotel property company Pandox has acquired The Queens Hotel in central Leeds, UK for £53 million.
The acquisition includes both the hotel property and the hotel operations. The seller is Aprirose Ltd.
The hotel has 232 rooms and will be operated as an independent brand under a new management agreement with Axiom Hospitality.
“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”, says Liia Nõu, CEO of Pandox.
In recent years, The Queens Hotel has undergone a substantial renovation and upgrade of all rooms, public areas, restaurant and bar, and the hotel is in a strong position in its market. Per 16 February, the hotel will be reported under the business segment Operator Activities.
The acquisition will initially be financed by existing liquid funds and credit facilities, said Pandox.
Leeds is one the biggest cities in the United Kingdom with more than two million inhabitants in the greater metropolitan area. Some 25 million people visit Leeds every year to do business and enjoy the leisure activities the city has to offer.
Leeds is one of the largest economic centers in the UK and a major hub for financial and corporate services. Leeds can be reached by train in approximately two hours from London with some 30 departures daily.