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'Windmill' hotel changes hands for £7m
A LEEDS hotel has been acquired in a multi-million-pound property deal.
The Ramada Jarvis Leeds North Hotel has been acquired for 7.26m in a deal in which the Leeds office of property consultants King Sturge acted for new owners, Manchester-based Blair Estates.
The two-storey, 105-bedroom Ramada Leeds North Hotel, at Millgreen View on Leeds Ring Road, incorporates architectural features from an historic windmill and was previously owned by London-based Morley Fund Management.
The deal follows a slowing in the property investment market due to declining values amid fears over the economy and the "credit crunch" which has affected the availability of funds.
The acquisition was handled by an associate in the King Sturge investment team, Ben Hall, who said: "The investment market has definitely slowed during the last six months.
"During this time lenders have become reluctant to take on any risk and raising finance for any deal with an appreciable risk factor has become tricky.
"In spite of this, financiers are still interested in backing deals where the risk is minimal."
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Weather for Leeds
Wednesday 23 May 2012
Today
Sunny spells
Temperature: 10 C to 23 C
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