Holiday Inn York sold for £15.3m

The Holiday Inn York hotel has been sold to property investment manager Rockspring for £15.3m by Colony Northstar and Quidnet Capital.

The 148-bedroom hotel, which recently had a £1.2m refurbishment, is let on a 53.2-year lease to UK-based operator Kew Green hotels, which operates it under a Holiday Inn franchise agreement.

Kew Green acquired the leasehold through the LRG Acquisition sale of 21 Holiday Inn hotels. Real estate and investment management firms Colony and Quidnet acquired the freehold of the hotel in an unrelated portfolio transaction in 2014.

Marc Nelson, director, CBRE Hotels, which advised Colony Northstar, said: "This transaction underpins the positive sentiment among investors in the UK's regional hotel market and the appeal of long-term lease agreements."

Holiday Inn York on sale for £15m >>

Portfolio of 21 Holiday Inn hotels go up for sale >>

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