Park Inn by Radisson in York on market for £20m

The 200-bedroom Park Inn by Radisson in York has been put up for sale with a guide price of £20m.

Colliers International has been instructed to sell the hotel on behalf of LR (York). The hotel is currently let to Park Hotels Management for a term of 25 years, with nearly 16 years remaining.

Located on North Street overlooking the River Ouse and within the historic city centre, the property includes a 120-seat bar & grill and 20-seat lounge bar.

It also features a health and fitness centre with gym, sauna and beauty treatment rooms and 13 meeting rooms accommodating up to 910 delegates.

The hotel has benefited from extensive refurbishment programmes in 2009 and 2012.

Julian Troup, head of UK hotels at Colliers International, said: "York is a key UK hotel market, with its strong regional business centre and reputation as a popular leisure destination and university town.

"Restrictions on new development, due to the city's historic nature, have ensured that demand and occupancy rates have remained high for hotels in York. This, coupled with the continuing strengthening of the UK provincial hotels market as a whole, means that we expect hotel trading performance in markets like York to continue in their ongoing recovery."

Tim Meakes, director at Colliers International and property investment expert, added: "Park Hotels is a strong covenant with an excellent reputation as a mid-market hotel brand which operates more than 140 hotels across the EMEA region. The 7.7% yield represents an attractive return, especially in a local market where room rates have increased by 6% year on year."

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