Cordatus Property Trust (CPT) has acquired the 53-bedroom Travelodge hotel in Gosforth for £4.7m from Compass Estate Co.
CPT, a venture between CBRE Global Investment Partners and Cordatus Real Estate, has acquired the long leasehold for the site with the price reflecting a net initial yield of approximately 5.25%. The site is let to Travelodge on a 25-year lease with RPI linked rent reviews.
Cordatus has invested in 24 assets since launching in 2015, including another £4.7m in the Tewskesbury Travelodge last year.
Andrew Murray, asset manager at Cordatus, said: “This latest acquisition adds another well-let asset with an attractive income stream into our expanding portfolio.”
Ereira Mendoza and NJB Hotels & Leisure Property acted for CPT. Heywood & Partners acted for Compass Estate Co.