York hotel up for sale for £18 million

Potential buyers are being sought for the 200-bedroom Park Inn by Radisson Hotel on North Street, which overlooks the River Ouse and which has undergone £5.5 million of refurbishment in the past four years.

Jefferson Hotels, the owner of the eight-storey building, has brought in London-based real estate advisor Savills to handle the sale. The firm called it a “rare and excellent” chance to be part of York’s tourism and hospitality industry.

As well as its 200 en-suite rooms, the Park Inn has a bar and grill with space for 120 diners and a 20-space lounge bar, a fitness centre and extensive conference facilities and a 90-space car park.

Savills said it hoped the hotel’s proximity to York’s most famous attractions would spark interest.

James Bradley, hotels associate at Savills, said: “This modern property’s excellent location in one of the UK’s most-visited cities, combined with £5.5 million in refurbishment since 2008, makes it highly desirable. Occupancy rates are buoyant due to ongoing demand, yet supply remains static because of York’s development restrictions. The asset therefore presents a rare and excellent opportunity to invest in the city’s enduringly successful hotel market.”

The hotel dates back to the 1960s and was known as The Viking and then the York Moat House, before becoming the Park Inn. It was sold to Jefferson Hotels by the Queens Moat House chain in 2006, then taken over by Rezidor SAS, which operates the Radisson chain, on a 25-year lease.