UK: Turkish owner-operator Kaya Holding has acquired the Nice Northern Resort, a Tribute Portfolio Resort in London King’s Cross, for an undisclosed sum.
Kaya Holding owns and operates 13 lodges in Turkey and Cyprus throughout its Kaya Palazzo Lodges & Resorts and Kaya Lodges & Resorts manufacturers.
The Nice Northern Resort is housed in a Grade II-listed constructing and is taken into account one in every of London’s first purpose-built lodges. The property was designed by Lewis Cubitt, the architect liable for King’s Cross station. It now options 88 keys, three F&B venues, and 4 versatile occasion areas.
Kaya Holdings was suggested by BlackGate and Fladgate LLP on its acquisition. Cushman & Wakefield acted for the vendor, a non-public fairness investor.
Burak Kaya, chairman of the board of administrators for Kaya Holding, stated: “We’re thrilled to execute our first worldwide lodge funding in London. The Nice Northern Resort funding will assist strengthen the tourism relations between Turkey and England.”
Michelle de Havilland, CEO of BlackGate, stated: “We’re delighted to have facilitated the acquisition of the Nice Northern Resort for our shopper, Kaya Holding. It has been a real pleasure working with the Kaya brothers, and the complete deal crew. Everybody labored immensely laborious to get this deal throughout the road. It couldn’t have been completed with out the dedication and perseverance of Ravi Goonesena and the sensible crew at Fladgate LLP. This was actually a crew effort.
“The Kaya brothers’ dedication to excellence and imaginative and prescient for the longer term are actually outstanding, and we’re honoured to have performed a task on this vital milestone for his or her firm as they increase into the UK. The transfer into London represents a broader technique to diversify and strengthen Kaya’s presence within the international hospitality market.”
Ed Fitch, head of hospitality UK and Eire at Cushman & Wakefield, added: “The Nice Northern Resort represented a uncommon alternative to amass an attractive heritage lodge in an outstanding strategic London location. As such, it attracted a variety of curiosity, underlining the enduring enchantment of London as a lodge funding vacation spot. Confidence in UK hospitality extra broadly continues to develop with new entrants drawn to the market. We wish to lengthen our congratulations to Kaya Group on their acquisition.”
Former proprietor Jeremy Robson launched the Nice Northern Resort in 2013 following a £40 million renovation 5 years after he acquired the location.
Robson left the enterprise in 2019 and Kew Inexperienced have been appointed to handle the property after Tyler Mingst and Simon Finn, administrators of Intriva Capital Advisors, assumed vital management of the lodge’s working firm Aries GNH (Operations) in June the identical yr.
