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Algonquin group buys IBIS Abbey Park Hotel out of receivership
A YORK hotel is under new ownership after being bought for £6 million from receivers.
The 91-bedroomed IBIS Abbey Park Hotel in The Mount has been acquired by Algonquin Hotels after 16 weeks in receivership.
Algonquin, which is a privately owned group with 36 hotels, has purchased the freehold of the hotel, which is operated by IBIS’s parent firm Accor on a lease with just short of ten years still remaining.
The property was sold by Savills on behalf of Pricewaterhouse Coopers, which was appointed to act as fixed-charge receivers over the hotel’s freeholder owner Pedersen (York) Ltd.
Robert Stapleton, associate director in Savills hotels team, said: “The IBIS Abbey Park Hotel York received significant interest from the market and was sold out of receivership just 16 weeks after marketing began.
“This sale reinforces the growing positive sentiment among investors in the UK’s regional hotel markets and the appeal of good quality leases to international operators.”
The IBIS Abbey Park hotel opened for trade in mid 2006 having been converted from a previous hotel.
What was Ramada York Abbey Park Hotel was rebranded as the IBIS York Centre, one of 45 “economy” hotels at the time within the IBIS group.
Accor, the giant hotel group under whose wing is both the Novotel and IBIS chains among many, took over the former Georgian town house on a lease contract, along with 54 staff.
In the past 30 years, the Abbey Park has changed hands on numerous occasions. At first it was run privately by Alfred Gill and his wife.
Then, in the early 1970s, under the Myddleton Hotel Group, it had a huge growth spurt, with extensions built to create more rooms while main rooms were completely revamped.
The Ladbroke Group then bought the hotel for £4.6 million in November 1978 and 11 years later the hotel had a new master – Penguin Hotels, followed in quick succession by the Resort Hotels Group whose shares were suspended on the stock exchange in 1993.
Finally, it was bought by the Ramada Jarvis group which successfully ran the hotel until the takeover by the IBIS chain.
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