GMI Construction Group are well underway on-site at our Sovereign Square scheme in Leeds. The development will be home to a 305-bed Hyatt House and Hyatt Place hotel.
Work began on our Sovereign Square development in June 2022. Level two of the concrete frame has now been installed by subcontractor Cidon Construction, the development is on schedule for its completion in summer 2024.
GMI Construction Group has started work on the last piece in the jigsaw of the prestigious Sovereign Square development in Leeds.
The high-profile project comprises a 12-storey high, 305 room hotel on the last remaining plot within the flagship development site.
GMI is principal construction contractor, having been appointed by the Marrico LLP and Helios development JV partnership.
Around 190 jobs will be created during the construction phase, with the 140,000 sq. ft hotel creating over 80 full-time jobs upon completion in 2024.
The hotel’s striking façade will be faced in two types of brick, a terracotta red and light beige, with detailing around the recessed double/triple height window bays.
The ground floor frontages will be behind a colonnade, with recessed detailing around the arch-heads and down the columns, with a glazed frontage behind.
Steve Ford, Construction Director at Marrico, said: “This project will deliver a first class hotel in a prime location and helps address a shortage of quality accommodation for business and leisure visitors to the city. This is the final remaining development site in Sovereign Square, adjacent to the railway station and at the heart of Leeds vibrant business, retail and leisure sectors.”
Funding Deal Agreed For £63M Hotel
A funding deal has been agreed to bring forward a £62.7m hotel on a prominent site adjacent to the railway station in Leeds city centre.
Marrico Asset Management and Helios Real Estate have signed a forward funding deal with UK Commercial Property REIT Ltd to build a 305-bed hotel to be operated by Interstate Group under the Hyatt brand.
The £62.7m hotel will be developed by the partnership on their Sovereign Square site in the city centre adjacent to the railway station.
Construction will begin immediately with our appointed contractor GMI Construction.
The 12-storey hotel is scheduled to complete in 2024, with a 25-year franchise agreement in place with Hyatt Hotels.
The 305 rooms will be split between the short stay Hyatt Place and the long stay Hyatt House brands. The premium hotel will provide meeting rooms, a gym and several food and beverage options, including a rooftop bar.
Richard Bland, of Marrico, said: “The acquisition is in line with UKCM’s strategy to take exposure to operational real estate sectors that are expected to deliver resilient rental incomes. The hotel will be operated under a lease by Interstate Hotels, a leading international hotel operator, with UKCM’s rental income based on the income generated from the operation of the hotel.”
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