Specialist business property advisor, Christie & Co has handled the sale of York luxury boutique hotel, “The Grange Hotel”, which completed this month to private buyers.
This 41-bedroom hotel has been the passion of its creators, Jeremy and Vivien Cassel, for over 30 years and stands out as a one of North Yorkshire’s leading city centre hospitality businesses. York is one of the UK’s leading city leisure destinations and The Grange Hotel is well positioned within the historic city, just 400 yards from the city centre.
The hotel is also within walking distance of The Minster, one of the world’s most magnificent cathedrals which dates back to the seventh century, and many of the cities other unique attractions and historic buildings, including museums, theatres, gardens and an array of cafes, bars, pubs, and restaurants which make up its thriving bar and dining scene.
The hotel has been extended over the years, in keeping with the building’s heritage, with an elegant country house style running through each new improvement. The award-winning restaurant, The Ivy Brasserie, which is set in the atmospheric hotel cellars, enjoys two Rosettes and serves a fine dining menu with a classic French twist.
Christie & Co managed the sale process through the central hotels team, in collaboration with the local team based in the Midlands, to optimise its UK network of buyers.
Jeremy Jones, head of hotel brokerage at Christie & Co, said: “Having sold Hotel Felix, Cambridge for Jeremy and Vivien in 2018, we have always kept in touch with their long-term plans for their second property, The Grange Hotel. When we got a hint that they were ready to sell to the right ‘custodian’ we immediately made contact with the buyers; and so it came to pass, with a sale approximately 12 weeks from agreeing and signing terms to the sale.
“More broadly, this is evidence of the strong market for this quality of business in the right location. There is no shortage of funded buyers, but the opportunities are limited, and sellers need to be teased out! We wish the buyers all the very best and particularly wish Jeremy and Vivien all the best with their next venture.”
David Lee, Christie & Co’s Hospitality Regional Director based in the Leeds office, said: “The sale of The Grange Hotel is clear evidence that the market for quality hotels in the best locations in Yorkshire remains strong. Cash buyers recognise that they need to meet the owners aspirations on price if they are to secure one of these sought after businesses.”