Tower Bridge Travelodge Hotel Sold for £47.1m

Date: November 2017

Location: Tower Bridge, London, UK

Name: Travelodge London Central Tower Bridge – 3 star

No.of Keys: 190

Seller: Aprirose, recent buyers of QHotels in September 2017 and the 209 room Hampton by Hilton London Docklands, in April 2017, for £35m, making its number of keys at 6,559, as well as 73 pubs from Mitchells & Butler. They also own the Leonardo Hotel at London Heathrow, Z hotel London (Poland Street) and other hotels.

Buyer: CCLA Investment Management on behalf of Local Authorities Mutual Investment Trust

Price: £47.1m

Price per Key: £247,895 net initial yield 3.61%

THPT Comment: Aprirose, headed up by Manish Gudka CEO, has been a serious buyer of hotels of late, so odd it’s also a seller….maybe just a good opportunity?

First Seen: The Caterer