L&G swoops on Leeds Hyatt

Part of the Sovereign Square development, the 305-bedroom dual-branded hotel has been acquired by Legal & General’s Managed Property Fund four months after it opened. 

The hotel was formerly owned by Marrico (Sovereign Square), a joint venture between asset managers Marrico and real estate company Helios.

The JV signed a £62.7m forward funding deal in 2022 with UK Commercial Property REIT to build the hotel, to be operated by the Hyatt brand, who signed a 25-year agreement.

GMI Construction was appointed to build the 217-room Hyatt Place and 88-apartment Hyatt House scheme, which was designed by DLA Architecture.

The Sovereign Square site was formerly owned by Leeds City Council, and the addition of a premium hotel in the city has been welcomed, with a shortage of hotel rooms during events such as UKREiiF highlighting a need for more beds in the city.