City centre hotel sold in multi-million pound deal

A hotel in a historic hotspot of York city centre has been sold in a multi-million pound deal.

Lambert Smith Hampton marketed and sold Hotel 53, which had a guide price of £13m, to Axcel Group.

Axcel’s current portfolio of hotels include the 120 bed Hampton By Hilton Croydon, 110 bed Mercure Edinburgh Haymarket, 172 bed AC Marriott Manchester Cable Street and 150 bed upcoming project in Edinburgh Torphicen Street.

Hotel 53 is located on Piccadilly, within York’s historic city walls. The 100-bed building is a short distance from the city’s retail offering, York Castle Museum, York Dungeons and indoor entertainment venue, the Barbican Centre.

Previously operated independently, LSH says the hotel enjoys “particularly high occupancy rates” and is a “solid investment, with healthy profit levels and further opportunity to increase average daily room rates and yield”.

Hotel 53 has 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, said:: “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, every success in their future plans for the hotel.”