UK construction firm McAleer & Rushe has sold a regional portfolio of Jurys Inn hotels to four separate purchasers for £80 mln (€112 mln), reflecting a blended net initial yield of 6.9%.
UK construction firm McAleer & Rushe has sold a regional portfolio of Jurys Inn hotels to four separate purchasers for £80 mln (€112 mln), reflecting a blended net initial yield of 6.9%.
McAleer & Rushe sold the freehold of the 170-bedroom Jurys Inn, Western Way, Exeter to Lasalle Investment Management (LIM) for £16.5 mln.
A UK institutional client of Sladen Capital Partners has bought the long leasehold interest in the 310-bedroom Jurys Inn, 31 Keel Wharf, Liverpool for £29.25 mln.
The Charities Property Fund managed by Savills Investment Management (SIM) has acquired the Jurys Inn hotel in Derby for £14.85 mln. The 213-bedrooms property is located in the Cathedral Quarter of the city.
The final hotel which was sold to a private investor for £20 mln is the 264-bedrooms Jurys Inn Station Street, Nottingham.
Rob Millar, director at Steerforth who advised McAleer & Rushe on the sales said: 'The company decided to take advantage of the strong regional hotel market in order to release capital for future development and investment activities.'
Both the private investor and SIM were advised by Cooper Rose Real Estate. LIM was advised by NJB Hotels & Leisure Property and HSM.
