Turkish hotel owner and operator Kaya Holdings has bought the Great Northern Hotel, a gateway hotel into King's Cross station and the surrounding estate, in its first acquisition outside its own country.
Kaya Turizm Grubu is one of Turkey's largest hotel chains. The price paid for one of London's most distinctive hotels has not been disclosed.
The 88-key Great Northern Hotel is at the heart of King’s Cross St Pancras and was one of London’s first purpose-built hotels. Opened in 1854, its curved architecture was designed by Lewis Cubitt, the architect responsible for King’s Cross station which had opened two years before. It was renovated and reopened in 2013 as part of the King's Cross Central Partnership's regeneration of the surrounding estate and the property is branded under Marriott International’s Tribute Portfolio.
Cushman & Wakefield reports that the UK hotel transaction market continues to rebound with momentum, with 2024 volumes set to exceed all years since 2019, driven by "underlying confidence in the sector and a resurgence in portfolio and platform trades".
Kaya was advised by BlackGate and Fladgate. Cushman & Wakefield acted for the seller, a private equity investor.
Ed Fitch, head of hospitality UK & Ireland at Cushman & Wakefield, said in a statement: “The Great Northern Hotel represented a rare opportunity to acquire a beautiful heritage hotel in a superb strategic London location. As such, it attracted a wide range of interest, underlining the enduring appeal of London as a hotel investment destination."