Earlier this year Maven Capital Partners (Maven) opened the doors on its latest hotel development following a year-long comprehensive £10 million redevelopment. The Grade II listed Shire Hall, which was originally built in the 1890s as the headquarters for Durham County Council, has been transformed into the four-star, 83-bedroom Hotel Indigo Durham.
Maven, the UK-based alternative asset manager, has successfully completed a range development, refurbishment and conversion projects across the hotel, student accommodation and office sectors. Maven’s property team now manage over 20 property investments from Inverness to Exeter, with a combined value in excess of £250 million.
Having stood vacant since 2012, Maven completed the purchase of the iconic building in 2016, which has since undergone a sympathetic renovation. The new hotel boasts a number of impressive period features which have all been lovingly restored to their former glory, including the grand tiled marble staircases, wood panelling and stained glass windows.
The rooms are designed to capture the history of Durham City, each bedroom has either an academic or cathedral theme in a bid to reflect the characteristics Durham is most recognised for. One of the most decorated rooms, the former council chamber and lobby room, which was later used by Durham University’s decision-making senate, has been retained to provide an iconic setting for the Marco Pierre White Steakhouse Bar and Grill restaurant and cocktail bar.
Creating over 60 jobs in the heart of Durham, this is Maven’s third venture with the boutique brand Hotel Indigo, owned by InterContinental Hotels Group, following similar projects in Glasgow and Cardiff. The property will sit within Maven’s growing hotel portfolio, which also includes brands such as ibis Styles and Travelodge.
Michael Vassallo, Investment Director of Maven for the North East, said: “We are delighted Maven’s third Hotel Indigo opened in such a magnificent building and in the North East where our business has seen significant growth, with offices now open in Newcastle and Durham.
“As Fund Manager of the Finance Durham Fund, established by Durham County Council, we are currently supporting a number of local companies with investment so we’re delighted to be part of another project that adds significant value to the County’s economy.”
Ramsay Duff, Investment Director of Maven, who led the project with local developer Shaun Crawley said, “Maven is delighted to be involved in this prestigious project, bringing such a magnificent building back into use and in an area, indeed a city, so important to Maven.
“Durham is an increasingly popular tourist and business destination and the Hotel itself is already fast becoming a ‘must visit’ location. Maven’s Property team are looking forward to supporting future property projects in the area and we are currently assessing other potential development opportunities.”
Hotel Indigo Durham represents Maven’s second major property venture in the area in recent years in addition to the Duresme Court student accommodation development at Neville’s Cross, Durham, in conjunction with developer County Properties Group. The new building will comprise of 274 high quality en-suite studio bedrooms across six attractive blocks and will open this summer.
The opportunity
Maven Investor Partners is an established investor network for Professional Clients. It provides the opportunity to access thoroughly researched private equity and property investments that are typically not available to other investor networks.
