Firethorn Trust, a property investment company, has acquired the Malmaison York, a boutique hotel asset in York, the UK, for an undisclosed amount.
Conway Real Estate, JLL, and Maples Teesdale provided advisory services to Firethorn Trust on this off-market deal.
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As a result of the deal, the 29,000ft² property will become part of Firethorn’s Living portfolio.
Malmaison York hotel, which operates under a 35-year lease, generates a rental income of £2.1m ($2.66m) annually.
In 2021, 150-room hotel underwent a redevelopment, adding the rooftop skybar Sora.
The property features a grill restaurant called Malmaison Bar & Grill, which serves a diverse selection of dishes, afternoon tea, and cocktails.
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By GlobalDataThe hotel’s ‘Work and Play’ concept includes meeting pods, co-working spaces, conference rooms, and an event space capable of hosting up to 180 guests.
The property also features an on-site spa and gym.
Located on Rougier Street, it offers access to tourist attractions such as York Minster, York Castle, and the National Railway Museum.
Firethorn Trust director and head of living Marcus Weeks 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.”
This latest acquisition follows Firethorn’s recent purchase of One Bessborough Gardens in Central London, which it will convert into a collection of around 60 modern apartments, and a purpose-built student accommodation (PBSA) site at Leith Walk, Edinburgh.
