LaSalle Investment Management has announced the acquisition of a Travelodge hotel adjacent to Euston station in London.
The firm acquired the freehold asset from a syndicate of private investors, for €44.9 mln. The asset is a 150-room budget hotel located at Grafton Place, with a gross internal area of over 3,700 m2.
It is understood that it is one of the best performing hotels within the Travelodge portfolio. The hotel is single-let to Travelodge Hotels until 2043, with rent linked to inflation.
Sophie Simmonds, fund manager at LaSalle, said: ’There are a number of very strong medium and long-term drivers that contribute to the asset’s attractive return profile over the remaining lease term. These include the devaluation of sterling encouraging both foreign visitors and permanent residents to holiday in the UK, London’s established position as one of the world’s leading hotel markets, and the major redevelopment of Euston planned over the coming decade.’
LaSalle IM was represented by John Miles & Company and Gerald Eve, while the private vendors, by James Routledge of Matthews & Goodman.
LaSalle IM is a real estate investment manager based in Chicago, with offices in 17 countries worldwide. It has approximately €51.2 bn of equity and private debt investments under management.
