Northampton's Park Inn hotel sold for £11m
C1 Capital, the hotel investment company which last week relaunched from GNAM, has acquired the 146-bedroom Park Inn hotel in Northampton for around £11m.
The property was bought by the directors of C1 Capital in 2006 as part of a £100m portfolio of eight hotels from the Queens Moat House Group. It had been leased to Park Inn the previous year and was subsequently bought by Danish company Silver Street, Northampton.
C1 Capital has now acquired the 53-year lease from Silver Street and has since negotiated a 125-year lease with the freeholder.
Kristian Dijkstra, director of C1 Capital, said: "We have worked very closely with the tenant for the past 10 years on other hotels and we see a great future for the Park Inn Northampton. The hotel benefits from a convenient city centre location with considerable potential and limited branded city centre competition."
C1 Capital was founded as GNAM by Gerard Nolan, who has invested in 60 hotels over the past 12 years. He teamed up with Dijkstra, who previously worked at asset management company Mountain Capital, eight years ago.
Dijkstra, who is now leading the company's growth, said: "Five years ago, we took £2m of seed money which today we have created into £12m of equity through active asset management. With £50m our aim is to give back £100m in five years."
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