Landmarked York building to become Malmaison hotel

UK-based property company Yorkshire Ventures, backed by funding partner HIG Capital, has completed the acquisition of a landmark York building that is slated to become a new Malmaison hotel. The purchase was funded by Yorkshire Ventures' shareholders, and investor HIG Capital, while Hobart Partners arranged the deal.

The group's development arm, Yorkshire House Development One, announced plans over the summer to turn Yorkshire House into a boutique hotel. ID Planning filed a planning application (drawn up by DLG Architects) with the City of York Council, and a decision is expected on the planning application in the coming months.

If the petition is approved, the Yorkshire House building will be converted into a 124-guestroom Malmaison hotel, 36 serviced suites and 13 residential apartments.

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“We are pleased to have purchased Yorkshire House, which brings our proposals to regenerate this building into an iconic lifestyle hotel brand, one step closer to reality,” Richard Jackson, chairman of Yorkshire Ventures (Real Estate), said.

Image courtesy of Google Maps

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The 160-room property features more than 5,000 square feet of meeting space, a bar, a fitness center, an indoor pool and a grab-and-go shop.

However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.