Investor bolsters its portfolio with city centre hotel purchase

Real estate investor, developer and asset manager, Firethorn Trust, has acquired Malmaison York in an off-market deal.

Purchased for an undisclosed sum, the 29,000 sq ft site is occupied by the hotel under a 35-year lease. It is on Rougier Street, within the historic walls of the city.

Providing accommodation across 150 contemporary rooms, the hotel underwent an extensive redevelopment in 2021, which included the addition of a rooftop sky-bar with views across the city.

It also features meeting pods, co-working areas, conference rooms and an events space that caters for up to 180 guests, in addition to an on-site spa and gym.

This is the latest addition to Firethorn’s growing Living portfolio, following recent acquisitions of One Bessborough Gardens in Central London, which it will convert into a collection of about 60 modern apartments, and a purpose-built student accommodation (PBSA) site at Leith Walk, Edinburgh.

Marcus Weeks, director and head of Living at Firethorn Trust, said: “Malmaison York is a high-quality asset that will perform well and create long-term value for us, whilst strengthening Firethorn’s presence in the living space.

“It’s a fantastic addition to our investment portfolio and complements our wider development strategy to deliver high-quality spaces in great locations that enable people and places to thrive.

“We have an appetite and ability to pursue opportunistic transactions, and look forward to continuing our growth within the living sector.”

Firethorn Trust was advised by Conway Real Estate, JLL and Maples Teesdale.