UK Commercial Property REIT Limited has acquired an upscale hotel development opportunity in the Yorkshire city for €73.2 million (£62.7 million).
The development of the hotel was a joint venture with Marrico LLP and Helios, it will be funded by UKCM after the site was purchased from Leeds City Council. Interstate Hotels & Resorts will operate the future 12-storey hotel under lease.
It will comprise 305 rooms over 140,000 square-feet and provide meeting rooms, a gym and a diverse food and beverage offering, including a rooftop bar. Located centrally in Leeds’ Sovereign Square, the hotel will offer easy access to nearby office buildings and the main railway station.
Hyatt Hotels have a 25-year franchise agreement in place for the high-end hotel. It will provide a long- and short-stay option to guests through its split Hyatt House and Hyatt Place branding.
The hotel development is expected to be completed in 2024.
[This hotel will] be operated by one of the world’s leading international hotel firms, it is also designed to be future fit with strong ESG credentials and a flexible split between short and long stay brands.
Will Fulton and Kerri Hunter, Fund Managers at UKCM
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