A new boutique hotel in York, owned and developed by the Lothbury Property Trust, has opened its doors.
The new Malmaison York hotel is a redevelopment of a 1960s landmark office building previously known as Yorkshire House and occupied by Aviva. The property is located on Rougier Street, within the historic city walls and close to York’s railway station.
The hotel has 150 guest bedrooms and suites offering exceptional views across York Minster and the city walls. A new extension to the rear of the building features Malmaison’s distinctive ‘Work+Play’ facilities with meeting pods available for hourly use or longer term co-working space, conference rooms and event space for up to 150 guests.
Mark O’Mullane from Lothbury Investment Management Limited, said: “This is a major investment and long-term holding for Lothbury Property Trust, which will return a rental income of £2.1 million per annum, on a 35-year lease with indexation against RPI. Planning for hotels in York is generally challenging, so supply is constrained. This will support the investment value for the Fund over the longer term. It also increases the Fund’s exposure to the hotel sector, which fulfils a longstanding objective to acquire another hotel asset to complement our existing Edinburgh hotel. It also improves the average weighted unexpired lease term of the Fund.”
Designers of the hotel took inspiration from the city’s industrial heritage and brutalist architecture, mixing concrete and moody elements with softer textures and confectionery touch points, drawing on York’s famous alumni including the Rowntree and Terry families.
The hotel has a new rooftop ‘Sky Bar’, Sora, an Asian fusion tapas and cocktail bar, Chez Mal Brasserie & Bar, a spa, a fully equipped and spacious Technogym, and on-site Starbucks with an outdoor terrace.
Yorkshire Ventures acted as Development Manager.
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