Martin’s Properties today announces the sale of the 110 bed Travelodge Seafront Hotel in Bournemouth to a private investor.
Purchased in January 2022 by Martin’s Properties, the 39,187 sq ft hotel has been sold for £11.185 million, reflecting a net initial yield of 6.8%.
This sale follows the disposal of the 5-bedroom Travelodge Four Marks in Alton earlier this year to another private investor. Martin’s Properties acquired the asset in 2018 with uncapped RPI reviews, and a residual value underpin for alternative uses.
Brook Stotesbury, Martin’s Properties Head of Asset Management and Investment, says: “We are pleased to complete the sale of these strong performing assets and look forward to redeploying the capital in accordance with our regional portfolio strategy. The investment performance was underpinned by uncapped RPI linked rent reviews, improved trading figures and covenant strength.”
Richard Bourne, Martin’s Properties CEO comments: “We acquired Travelodge Seafront Bournemouth at an opportunistic time, following the Travelodge CVA - identifying an opportunity to secure the investment at advantageous pricing, with uncapped RPI reviews offering strong rental growth prospects. The sale of the two hotel assets is part of our strategy to reposition the regional portfolio into value-add retail warehouse and multi-let industrial assets and to grow our Chelsea, Regional and Self Storage portfolios”.
Martin’s Properties is a dynamic family-owned business with assets of approximately £400m. The team’s depth of expertise across investment, asset management, finance, development and operations spans many sectors and covers the whole lifecycle of buildings and real estate. As a responsible investor, Martin’s Properties creates and manages sustainable buildings that positively impact local communities, businesses and stakeholders, delivering both strong returns and exemplary customer service.