Hotels Portfolio

Travelodge, Starbucks & Greggs
Melksham, near Bath
Description
Travelodge budget hotel, with ancillary Starbucks coffee drive-thru and Greggs retail unit
Purchase Price
£6.2 million
Net Initial Yield
5.91%Size
60 bedroom hotel, 1,800 sq ft Starbucks and 1,500 sq ft Greggs
Acquisition Structure
Pre-let forward funding
Date Acquired
March 2017
Rent Review
Travelodge - Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Greggs – Open market value (OMV)
Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Greggs plc
Lease Term
Travelodge - 25 years, with no break; Starbucks –
15 years, with no break; Greggs – 10 years (5 year break)
Travelodge
Haverhill, Essex
Description
Travelodge budget hotel
Purchase Price
£5.5 million
Net Initial Yield
5.92%
Size
80 bedroom hotel, 100 cover restaurant
Acquisition Structure
Built asset
Date Acquired
March 2017
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
Travelodge Hotels Limited
Lease Term
24 years unexpired, with no break
Cambridge Belfry Hotel
Cambourne, Cambridge
Description
4 star, full service hotel
Purchase Price
£18.53 million
Net Initial Yield
6.1%
Size
120 bedrooms
Acquisition Structure
Built asset
Date Acquired
April 2017
Rent Review
Consumer Price Inflation (CPI)
Tenant/Guarantor
QHotels Holdings Limited
Lease Term
22 years unexpired, with no break
Premier Inn & Beefeater
Whitley Bay, North Tyneside
Description  
Premier Inn budget hotel and Beefeater restaurant
Purchase Price
£6.26 million
Net Initial Yield
5.0%
Size
68 bedrooms and 190 cover restaurant
Acquisition Structure
Pre-let forward commitment
Date Acquired
April 2017
Rent Review
Consumer Price Inflation (CPI)
Tenant/Guarantor
Premier Inn Hotels Limited
Lease Term
25 years, with a one-off break right at year 20, from completion of construction works
Travelodge, Starbucks & Subway
Swindon, Wiltshire
Description
Travelodge budget hotel, with ancillary Starbucks Coffee drive-thru and Subway drive-thru restaurant
Purchase Price
£8.28 million
Net Initial Yield
5.80%
Size
70 bedroom hotel, 1,800 sq ft Starbucks and 1,250 sq ft Subway
Acquisition Structure
Pre-let forward funding
Date Acquired
May 2017
Rent Review
Travelodge – Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Subway – Open market value (OMV)
Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Subway Realty Limited
Lease Term
Travelodge – 25 years, with no break; Starbucks – 15 years, with no break; Subway – 15 years (6 and 11 year break)
Travelodge, Burger King & Little Chef
Ipswich, Suffolk
Description
Travelodge budget hotel and restaurants
Purchase Price
£5.0 million
Net Initial Yield
6.12%
Size
40 bedroom hotel, 4,000 sq ft restaurant
Acquisition Structure
Built asset
Date Acquired
July 2017
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
Travelodge Hotels Limited
Lease Term
20 years unexpired, with no break
Travelodge, Costa Coffee & KFC
Camborne, Cornwall
Description
Travelodge budget hotel, with Costa Coffee drive-thru and KFC drive-thru restaurant
Purchase Price
£6.7 million
Net Initial Yield
6.15%
Size
63 bedroom hotel, 1,800 sq ft Costa Coffee and 2,950 sq ft KFC restaurant
Acquisition Structure
Pre-let forward funding
Date Acquired
July 2017
Rent Review
Travelodge - Consumer Price Inflation (CPI); Costa Coffee and KFC – Open market value (OMV)
Tenant/Guarantor
Travelodge Hotels Limited, Costa Limited and KFC Franchisee
Lease Term
Travelodge - 25 years, with no break; Costa –10 years, with no break; KFC – 20 years (10 year break)
Premier Inn
Middlesbrough, North Yorkshire
Description
Premier Inn budget hotel
Purchase Price
£6.2 million
Net Initial Yield
5.10%
Size
83 bedroom hotel
Acquisition Structure
Pre-let forward commitment
Date Acquired
August 2017
Rent Review
Consumer Price Inflation (CPI)
Tenant/Guarantor
Premier Inn Hotels Limited/Whitbread PLC
Lease Term
25 years from completion of construction works, with a one-off break right at year 20
Premier Inn hotel
Chesterfield
Description
Premier Inn budget hotel
Purchase Price
£6.9 million
Net Initial Yield
5.2%
Size
91 bedrooms
Acquisition Structure
Pre-let forward funding
Date Acquired
November 2017
Rent Review
Consumer Prices Inflation (CPI)
Tenant/Guarantor
Premier Inn Hotels Limited; Whitbread Group PLC
Lease Term
25 years, with no tenant break, from completion of construction works
Jurys Inn hotel
Plymouth
Description
Full service hotel
Purchase Price
£30 million
Net Initial Yield
5.7%
Size
247 bedrooms
Acquisition Structure
Built asset
Date Acquired
October 2018
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
Jurys Hotel Management (UK) Limited
Lease Term
24 years unexpired, with no break
Travelodge hotel
Edinburgh Park, Edinburgh
Description
Budget hotel
Purchase Price
£6.6 million
Net Initial Yield
5.4%
Size
70 bedrooms
Acquisition Structure
Pre-let forward funding
Date Acquired
October 2018
Rent Review
Consumer Price Inflation (CPI)
Tenant/Guarantor
Travelodge Hotels Limited
Lease Term
25 years, with no break, from completion of construction works
Travelodge hotel portfolio
Aberdeen, Brighton, Liverpool, Llanelli and Nuneaton
Description
Portfolio of budget hotels
Purchase Price
£45.2 million in aggregate
Net Initial Yield
5.8%
Size
387 bedrooms in total
Acquisition Structure
Built assets
Date Acquired
November 2018
Rent Review
Retail Price Inflation (RPI)
Tenant/Guarantor
Travelodge Hotels Limited
Lease Term
24 years unexpired, with no break
Travelodge
Gosport, Hampshire
Description
Travelodge budget hotel
Purchase Price
£6.6 million
Net Initial Yield
5.70%
Size
70 bedroom hotel
Acquisition Structure
Pre-let forward funding
Date Acquired
January 2019
Rent Review
Consumer Price Inflation (CPI)
Tenant
Travelodge Hotels Limited
Lease Term
25 years, with no break, from completion of building works