Park Plaza Hotels has acquired the leases of the hotels it operates in Leeds and Nottingham for a total of £3.31m, from Leno Hotel Holding, a member of the Red Sea group.
The Leeds lease, which runs until 2099, carries an annual rent of £1.03m. The Nottingham lease, also due to run until 2099, carries an annual rent of £470,000. The group now plans to refurbish the properties.
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