Turkish owner-operator Kaya Holdings has acquired the Great Northern Hotel in London, situated at King's Cross St Pancras, from a private equity investor.
Financial details were not disclosed.
The Great Northern Hotel has 88 keys and opened in 1854. The hotel is known for its curved architecture, designed by Lewis Cubitt, and is considered one of London's first purpose-built hotels.
The property was renovated and reopened in 2013, and is branded under Marriott International’s Tribute Portfolio.
Cushman & Wakefield acted for the seller, while Kaya Holdings was advised by BlackGate and Fladgate.
The transaction follows a string of major Cushman & Wakefield hotel deals in the capital, including the acquisition of the Covent Garden Hotel on behalf of Firmdale Hotels and the sale of both New London House and Great Tower Street which are both poised for conversion to hotel use.
The UK hotel transaction market continues to rebound with momentum, with 2024 volumes set to exceed all years since 2019, driven by underlying confidence in the sector and a resurgence in portfolio and platform trades.
Ed Fitch, head of hospitality UK & Ireland at Cushman & Wakefield, said: 'The Great Northern Hotel represented a rare opportunity to acquire a beautiful heritage hotel in a superb strategic London location.
'As such, it attracted a wide range of interest, underlining the enduring appeal of London as a hotel investment destination. Confidence in UK hospitality more widely continues to grow with new entrants attracted to the market. We would like to extend our congratulations to Kaya Group on their acquisition.'
Jack Wallsworth, associate director in Cushman & Wakefield’s UK hospitality team, added: 'This deal adds to our track record in the UK’s capital where we have live or recent deals across almost all of London’s central boroughs.
'The Great Northern represents a true piece of London’s history, while providing operational flexibility and a host of value-add opportunities for the buyer.
'This heritage complements the modernity of the ever-evolving King’s Cross estate, creating the perfect location for Kaya’s international debut. We wish them all the best as the custodians of the next chapter for this iconic property.'
