UK real estate investor Firethorn Trust has acquired the Malmaison York boutique hotel asset in North Yorkshire for an undisclosed sum.
The 29,000sqft asset on Rougier Street is occupied by Malmaison under a 35-year lease, with a current rental income of £2.1m (€2.5m) per annum.
Firethorn said the hotel provides “luxury accommodation across 150 contemporary guest rooms”, adding that it underwent an extensive redevelopment in 2021, which included the addition of a rooftop skybar with panoramic views across the city.
The hotel has since become one of the “best performing sites within the wider Malmaison and Hotel Du Vin chain”, Firethorn said.
This is the latest addition to Firethorn’s rapidly growing Living portfolio, following recent acquisitions 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 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.
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