Park Plaza buys Leeds and Nottingham hotels
The hotels, opened in 2003 and 2002 respectively, were until today’s acquisition operated under management contracts by Park Plaza.
Park Plaza, which operates just under 3,000 rooms in the UK, purchased the hotels from a member company of investment firm Red Sea Group, and plans to refurbish both properties.
Boris Ivesha, chief executive of Park Plaza, said: “We are very pleased to add these two landmark hotels to our portfolio of contemporary hotels in city centre locations and are excited about the long term prospects both hotels offer.”
“Having operated both of these hotels since opening, we are very familiar with them and we will continue to build on their strengths.”
Park Plaza reported a difficult trading period for 2009 in June, as it was forced to maintain occupancy to the detriment of room rate.
