Peel Hotels has sold its Leeds city centre property, The Cosmopolitan Hotel, to a new hospitality group with ambitions for nationwide growth.
Christie + Co has sold the 89-bedroom hotel on behalf of Peel Hotels as the group looks to focus on its remaining hotels in the UK, allowing Belfont Hotels to acquire its first property.
Newly-formed Belfont Hotels is a joint venture owned by the Thakerar and Dhamecha families.
The Cosmopolitan Hotel will now be managed by Countrywide Hotels under its new ownership.
Alongside its 89 bedrooms, the hotel is also home to a vibrant bar and restaurant and ground-floor lounge space and will now benefit from an investment from Belfont Hotels.
Akshay Dhamecha of Belfont Hotels says: “We look forward to working with the Thakerar Family on our first hotel acquisition and further growing the Belfont Hotel portfolio. The Cosmopolitan is a landmark building in the heart of the city and with further investment to the hotel, we are confident the hotel will be very popular. We are glad to have Countrywide Hotels as our management team where their experience has proved paramount.”
Jeremy Jones, Head of Hotels Brokerage at Christie & Co, who handled the sale, comments: “When we launched The Cosmopolitan to the market earlier this year, we received a huge response from a whole range of parties. To be announcing the sale of such a substantial hotel at this time is evidence of the very real activity Christie & Co is seeing across the whole of the UK. Watch out for the announcement of further hotel sales in the weeks ahead.”
The Cosmopolitan Hotel was sold at an undisclosed price.