Main Photo: The bedroom at Hyatt Place (Heathrow)
Date: June 2020
Location: Gatwick Airport, Crawley/Horley, England, UK
Name: The Hyatt Place, formerly the Gatwick Travelodge – opening 2021
No. of Keys: 185
Buyer: A former Travelodge hotel next to London’s Gatwick Airport is set to relaunch as a Hyatt Place-branded property.
Railpen, the investment manager for the £30b railways pension scheme, has acquired the commercial ground rent secured against the 185-bedroom property, which is let on a 150-year lease to Axcel Hospitality Group.
Axcel is to refurbish the hotel, including upgrading rooms and a full renovation of the reception, restaurant and bar areas, which is expected to complete in the third quarter of 2021.
Axcel is a newish player to the UK hotel scene, but well underway with branded Hilton, Accor, Marriott and IHG hotels, in Croydon (Hampton by Hilton), Edinburgh (Mercure and VOCO by IHG), Manchester (AC by Marriott), York (Holiday Inn), another at Gatwick (Moxy).
Julian Allport of Railpen’s long-term income fund said: “The hotel is well-located for long-term growth, managed by an experienced operator and benefits from a franchise agreement with one of the world’s leading brands.”
Railpen and Axcel Hospitality Group dealt direct, with legal counsel provided by Winckworth Sherwood and Harold Benjamin, respectively.
THPT Comment: Congrats to Axcel…upto now 10 or so hotels and 700+ rooms…Fab progress.
First Seen: The Caterer
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