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UK: Turkish owner-operator Kaya Holding has acquired the Great Northern Hotel, a Tribute Portfolio Hotel in London King’s Cross, for an undisclosed sum.
Kaya Holding owns and operates 13 hotels in Turkey and Cyprus across its Kaya Palazzo Hotels & Resorts and Kaya Hotels & Resorts brands.
The Great Northern Hotel is housed in a Grade II-listed building and is considered one of London’s first purpose-built hotels. The property was designed by Lewis Cubitt, the architect responsible for King’s Cross station. It now features 88 keys, three F&B venues, and four flexible event spaces.
Kaya Holdings was advised by BlackGate and Fladgate LLP on its acquisition. Cushman & Wakefield acted for the seller, a private equity investor.
Burak Kaya, chairman of the board of directors for Kaya Holding, said: “We are thrilled to execute our first international hotel investment in London. The Great Northern Hotel investment will help strengthen the tourism relations between Turkey and England.”
Michelle de Havilland, CEO of BlackGate, said: “We are delighted to have facilitated the acquisition of the Great Northern Hotel for our client, Kaya Holding. It has been a true pleasure working with the Kaya brothers, and the entire deal team. Everyone worked immensely hard to get this deal across the line. It could not have been done without the dedication and perseverance of Ravi Goonesena and the brilliant team at Fladgate LLP. This was truly a team effort.
“The Kaya brothers’ dedication to excellence and vision for the future are truly remarkable, and we are honoured to have played a role in this significant milestone for their company as they expand into the UK. The move into London represents a broader strategy to diversify and strengthen Kaya’s presence in the global hospitality market.”
Ed Fitch, head of hospitality UK and Ireland at Cushman & Wakefield, added: “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. Confidence in UK hospitality more widely continues to grow with new entrants attracted to the market. We would like to extend our congratulations to Kaya Group on their acquisition.”
Former owner Jeremy Robson launched the Great Northern Hotel in 2013 following a £40 million renovation five years after he acquired the site.
Robson left the business in 2019 and Kew Green were appointed to manage the property after Tyler Mingst and Simon Finn, directors of Intriva Capital Advisors, assumed significant control of the hotel’s operating company Aries GNH (Operations) in June the same year.
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