One of York’s leading hotels has been sold, after one couple spent years developing it.
Business property specialist Christie & Co sold the Grange, on Clifton, to private buyers.
This 41-bedroom hotel has been the passion of its creators, Jeremy and Vivien Cassel, for more than 30 years.
They have extended it over the years, in keeping with the building’s heritage, with an elegant country house-style running through the project.
Award-winning restaurant The Ivy Brasserie, found in the hotel cellars, serves a fine dining menu with a classic French twist.
Jeremy Jones, head of hotel brokerage at Christie & Co comments, “Having sold Hotel Felix in Cambridge for Jeremy and Vivien in 2018, we have always kept in touch with their long-term plans for their second property, The Grange Hotel.
“When we got a hint that they were ready to sell to the right ‘custodian’, we immediately made contact with the buyers; and so it came to pass, with a sale approximately 12 weeks from agreeing and signing terms to the sale.”
Location all important
The deal happened despite the pandemic which has hit the hospitality sector so hard.
The Grange is within walking distance of all the delights of York city centre, and Jeremy Jones said that was important.
“This is evidence of the strong market for this quality of business in the right location.
“There is no shortage of funded buyers, but the opportunities are limited, and sellers need to be teased out!
“We wish the buyers all the very best and particularly wish Jeremy and Vivien all the best with their next venture.”
David Lee, Christie & Co’s hospitality regional director based in the Leeds office, added: “The sale of The Grange Hotel is clear evidence that the market for quality hotels in the best locations in Yorkshire remains strong.
Cash buyers recognise that they need to meet the owners aspirations on price if they are to secure one of these sought after businesses”.