The King’s Cross Group has acquired the long leasehold interest in the Great Northern Hotel from a global asset manager for £20m+.
The acquisition strengthens the group’s long-term stewardship of the King’s Cross area by streamlining the ownership structure of one of the neighbourhood’s most prominent hospitality assets.
The hotel, which opened in 1854 and was comprehensively restored as part of the wider regeneration of the King’s Cross area, will continue to operate under a long occupational lease with Kaya Hotels UK.
Leo Shapland, chief executive of The King’s Cross Group, said: “The Great Northern Hotel is an important part of the story and identity of King’s Cross and bringing the asset back under aligned ownership with the wider estate strengthens our ability to continually evolve the neighbourhood, while securing diversified long-term income.
“During the last year, we have built a business that benefits from capital to deploy and the expertise of a world-class team focussed on active stewardship. This transaction is another example of how we are continuing to invest in the estate, evolving the experience we offer and positioning the neighbourhood for the next phase of growth.”
The King’s Cross Group was advised by Capital Real Estate Partners and Hogan Lovells.
