Sweden’s Pandox AB has acquired the Queens Hotel in central Leeds from real estate investment company Aprirose for about £53 million.

The acquisition includes both the hotel property and the hotel operations.

The hotel has 232 rooms and will be operated as an independent brand under a new management agreement with Axiom Hospitality.

“We are pleased to acquire the iconic and market leading The Queens Hotel in central Leeds,” said Pandox CEO Liia Nõu.

“The hotel is located next to the city’s largest square and the central station, attracting both leisure and business travellers.

“The hotel product is in very good condition after a newly completed renovation.

“The transaction is made at an attractive yield, and we see good potential to further increase the hotel’s return over time through active measures in operation, organization and product offering.”

Pandox said The Queens Hotel has undergone in recent years a substantial renovation and upgrade of all rooms, public areas, restaurant and bar, and the hotel “is in a strong position in its market.”

Aprirose CEO Manish Gudka said: “We are pleased to have executed the sale of this asset to deliver on our strategy for the property. Having followed our investment with a substantial and carefully considered capital expenditure programme to reposition the hotel, we have created value and generated a good return for our investors, exemplifying our overall approach to real estate investment.

“The hotel and leisure sector remains an important focus for our business, and we continue to look for opportunities to deploy our capital in high quality, well-located buildings in growth areas.”