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Corporate team advise Cedar Court Group on their sale of York hotel

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The Grade two listed luxury hotel in York has been sold to Splendid Hospitality Group.

Bidding from national and international hotel groups and investors was "exceptionally competitive", according to property consultancy Christie + Co.

Splendid Hospitality Group, which will take ownership of the hotel from the end of August, controls a portfolio of 13 hotels with nearly 1,300 bedrooms located in London and across the UK.

Kevin Henry, group managing director of Cedar Court Hotels, says: "The sale of our York hotel represents a good result for Cedar Court Hotels and is part of our wider group strategy to concentrate resource and investment into our core estate of 4-Star hotels. We are delighted to have worked with the Boghani family who already operate a number of upscale hotels and we believe their experience will enable the hotel to continue to thrive and develop even further."

Christie + Co Director Jon Patrick, who coordinated the sale, said: "This transaction was undertaken both quickly and discreetly utilising our key industry and financial contacts. York is definitely a golden brick hospitality destination these days and the sale of Cedar Court Grand Hotel & Spa continues our recent work in the city which has included the Hampton by Hilton in Toft Green, the Indigo in Walmgate, as well as the former City of York Council offices in St Leonard’s Place."

Cedar Court Hotels was advised by David Hardless and Richard Firth from Park Place Corporate Finance and Jonathan Simms from Clarion.

Source The Business Desk 7 August 2014