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

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

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 wor

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)

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

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)

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

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

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

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

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