London-based investment firm Aprirose has sold the 232-room The Queens Hotel in Leeds, UK, to Pandox, which will operate the hotel as an independent. The hotel reportedly sold for £53 million ($63.72 million).
In a statement, Pandox said that the hotel will operate independently under a new management agreement with Axiom Hospitality. The acquisition will initially be funded through existing liquid funds and credit facilities.
From Feb. 16, the hotel will be reported under the business segment Operator Activities.
“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 central station, attracting both leisure and business travelers. 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,” said Liia Nõu, CEO of Pandox.
Initially opened in 1937, the hotel was a part of The QHotels Collection. In 2021, Aprirose and its hotel management platform, Almarose, executed a £16 million ($19.23 million) refurbishment of the hotel, which included upgrades of all rooms, adding 17 new rooms, and repositioning public spaces, bars and restaurants.
Almarose currently manages 20 properties within The QHotels Collection portfolio and 14 individual hotels. In 2018, Aprirose invested in Birch, a lifestyle concept that continues to support its expansion in the hotel sector.