Commercial property consultancy Lambert Smith Hampton (‘LSH’) has successfully marketed and sold Hotel 53, a contemporary hotel located in York city centre. The property, which had a guide price of £13 million, has been acquired by Axcel Group Ltd and will form part of its already impressive hotel portfolio.
Hotel 53 is located on Piccadilly, within York’s historic city walls. Well-positioned in a tourist hotspot, the 100-bed hotel is just a short distance from the city’s retail offering, York Castle Museum, York Dungeons and indoor entertainment venue, the Barbican Centre.
Previously operated independently, the hotel is well-appointed throughout and enjoys particularly high occupancy rates. It is a solid investment, with healthy profit levels and further opportunity to increase average daily room rates and yield. Hotel 53 also benefits from an on-site restaurant and cocktail bar, as well as a selection of business spaces and conference suites.
Alistair Greenhalgh, Director – Hotels, at Lambert Smith Hampton, commented:
“Hotel 53 was sold off-market on behalf of private clients, illustrating the current appetite for prime city centre hotels. We wish our client a happy retirement and the new owners, Axcel Group Ltd, every success in their future plans for the hotel.”