CBRE ADVISES ON SALE OF CENTRAL LONDON TRAVELODGE HOTEL
CBRE has completed on the sale of the Travelodge Hotel, Liverpool Street, London, on behalf of Full Moon HoldCo to Y.T. Realty Group, a Hong Kong based investor, for £42 million.
The property, located within the City of London, totals 45,000 sq ft on a 33 year lease to leading budget hotel operator Travelodge. The property benefits from long leasehold interest of 200 years with an unexpired term of 174 years with a passing rent of £2,069,144 per annum and is subject to review in April 2017.
The hotel was extensively refurbished in 2014 and comprises 142 rooms arranged over seven floors. Other facilities include a café and a bar on the first floor.
This deal demonstrates the sustained interest from international buyers searching for quality assets in London. As investors look for long-dated secure income with low risk, the UK fixed-income hotel sector remains an attractive investment.
CBRE advised Full Moon HoldCo and Savills acted for Y.T. Realty Group.