An apart-hotel operator, which boosts a 90% occupancy average across its portfolio, has acquired a city centre building in York, and is now embarking on a £2.8m development.
The Lawrance Luxury Apart-Hotel has taken over former office building 45 Tanner Row and is now transforming the property into 13, one-bedroom apartments, which are due to launch this summer.
Once opened, the property will join a growing portfolio of 19 serviced apartments in Harrogate, which are spread over three central locations.
The Lawrance launched its apart-hotel concept nearly five years ago in a building on Micklegate in York, with 14 apartments and an F&B operation called Café74 which serves drinks and light lunches.
Now the group boasts occupancy levels of 90%, which has led to the decision to grow the business with further acquisitions.
Simon Bullock, a director at The Lawrance, said: “Our unique offering, which combines contemporary and centrally located fashionable apartments with exceptional customer service, has proved to be a huge success with business and leisure travellers alike.
“45 Tanner Row is a stunning building that’s full of character in a key conservation area and is approximately 100 metres from our existing site, which made it the ideal property to expand into.”