Completed November 2013
J D Partners was pleased to advise on the development funding of a new 188 bedroom hotel adjacent to the main access point into the Olympic Village. The developer required a forward sale and funding for the construction and J D Partners acted for Hotbed Portfolio Managers who acquired the investment by way of a full development funding for approximately £15.1m.
The property is let to Travelodge Hotels Limited on an unbroken 25 year lease with uncapped RPI uplifts, and was purchased at a net initial yield in excess of 6%. The investor syndicate provided significant equity funding and debt was provided by Clydesdale Bank.