Legal & General Managed Property Fund has acquired a 305-bed dual-branded hotel on behalf of its Managed Property Fund.
Located in Leeds city centre on Sovereign Street, the hotel’s rooms are split between the Hyatt Place and Hyatt House brands, with the short stay Hyatt Place accounting for 217 rooms and the long stay Hyatt House comprising 88 apartment-style accommodations. The property also comprises four meeting spaces and two food and beverage outlets.
L&G notes that the hotel, which opened in March, is expected to benefit from rising tourism demand in the area.
According to EY’s latest Regional Economic Forecast, Leeds’ economy is expected to grow at an average annual rate of 1.7 per cent between 2025 and 2028, slightly above the UK forecast of 1.6 per cent. By 2028, the city’s economy is expected to be £2.5 billion larger than in 2024.