A Travelodge hotel in Coventry has been sold in excess of its £1.65m asking price to be converted into student accommodation.
The property was one of a group of six hotels, owned by Cordial and leased by Travelodge, which were put up for sale by property company Christie + Co in October 2012, alongside hotels in Edinburgh, Newcastle, Oldham, Stevenage and Bath. News of the sale of the Newcastle hotel is expected shortly.
The disposal of the hotels followed Travelodge's decision to enter a Company Voluntary Arrangement (CVA), involving the shedding of 49 hotels
Midlands-based Fielding & Beaumont has acquired the property and has obtained the necessary planning permission to convert the hotel to student accommodation.
Known locally as the Leofric, the hotel opened in 1955 as a symbol of Coventry's recovery from the ravages of the Second World War. It was taken over by Travelodge in 2009.
Gavin Wright, director of Christie + Co, which sold the property, said: "The hotel has been a fixture on the Coventry landscape for almost 60 years, and been the haunt of many celebrities - from Morecambe & Wise to Sid Vicious. Today, following its sale, it will provide much-needed and meaningful use as accommodation for students at the local university."
The Travelodge Coventry Leofric was sold for in excess of its £1.65m asking price. It was one of six Travelodge hotels brought to market by Christie + Co on behalf of Cordial Hotels. Five - in Bath, Stevenage, Oldham, Edinburgh and, now, Coventry - have been sold, while news on the sale of the sixth, in Newcastle, is expected shortly.