The 190-bedroom Travelodge hotel at Tower Bridge, London, has been sold by real estate investment company Aprirose to CCLA Investment Management on behalf of Local Authorities Mutual Investment Trust for £47.1m.
The sale of the five-storey hotel, which includes a café and bar, represents a net initial yield of 3.61%.
Manish Gudka, chief executive of Aprirose, said: “The sale of this property represents a strong return for our investors in line with our original strategy at the time of purchase of investing in a fast-improving area of London.
“The asset, which we bought during a time of economic instability, provides secure income in a prime location and is a well-respected brand.”
The sale of the Travelodge hotel follows Aprirose’s acquisition earlier this year of 73 pubs from Mitchells & Butler, and the 26-strong QHotels portfolio for £525m. Aprirose now has 6,559 beds across its current portfolio.
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