On behalf of Fixed Charge Receivers, international real estate advisor Savills has completed the sale of the Ibis Abbey Park Hotel, York to Algonquin Hotels for £6 million.
The firm was appointed to sell the freehold 91-bedroom limited service hotel, which benefits from a lease agreement to Accor under its Ibis brand. Algonquin Hotels is a privately owned hotel group with 36 hotels currently under ownership, operation or held as investments.
Robert Stapleton, associate director in Savills hotels team, comments: “The Ibis Abbey Park Hotel York received significant interest from the market and was sold out of receivership just 16 weeks after marketing began. This sale reinforces the growing positive sentiment amongst investors in the UK’s regional hotel markets and the appeal of good quality leases to international operators.”
Savills latest UK hotel bulletin quoting Hotstats finds that the regional hotel market has experienced six months of consecutive profit growth and 11.1% growth in GOPPAR (growth operating profit per available room) year on year.