BMO Real Estate Partners (BMO REP) has invested £20m (€22.8m) to buy two newly developed UK hotels on behalf of a UK segregated mandate client.
The manager has acquired the pre-let Travelodge hotels from the Hinton Group.
One asset is situated between Oxford and Cheltenham, and comprises 63 bedrooms as well as 71 parking spaces, with the Costa Coffee unit integrated into the main building. The second hotel, located in Emersons Green, a district north of Bristol city centre, comprises 90 bedrooms, a restaurant and 129 parking spaces, alongside a separate Costa Coffee drive-thru unit.
Matthew Howard, director, property funds at BMO REP said: “We are delighted to work with Hinton Group to acquire two newly built long-let inflation-linked hotels for our client.
“These well located, limited-service hotels also provide us with an opportunity to increase our client’s exposure to alternative assets, in a sector where we have strong conviction beyond the short-term disruption caused by the Covid-19 pandemic.”
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