York-based developer The Skelwith Group has unveiled plans to build a £100m luxury hotel with rooms for sale to investors.
The five-star Flaxby Country Club will comprise 300 rooms, four helipads, three restaurants, a luxury spa complex, bar and conference facilities.
Work on the hotel, located between Harrogate and York, will start later in the year and is set for completion in 2011.
Individual rooms will be sold to investors with prices for a standard room starting at £90,000, in a model piloted by GuestInvest. The company is promising “guaranteed returns” of 7.5% for eight years.
Paul Ellis, managing director of the Skelwith Group, said the development would “boost local and regional economy” as well as offering “the opulence and service of a Park Lane hotel”.
“Our investment concept will offer a one-off opportunity to invest in five-star luxury and be part of something unique and groundbreaking, whilst also being financially an exceptional deal,” he added.
The Skelwith Group was founded in 2004 and currently has over £115m of development under construction.
It is working on the Woolston Warehouse in Bradford, a £25m scheme to convert a derelict warehouse into a new homes and leisure facilities. It is due for completion in 2009.
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By Gemma Sharkey
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