19th May 2016
The Rowe Group acquires freehold of Isle of Wight Travelodge hotel
Property consultants Alder King, acting on behalf of The Rowe Group, have acquired the freehold of a new 41 bedroom hotel in Ryde on the Isle of Wight for £2.344m, representing a NIY of 5.75%.
The hotel is occupied by Travelodge Hotels on a 25 year lease, producing an initial rent of £143,500 per annum, subject to five yearly reviews. It was sold by Knight Frank on behalf of the developer CHG Property Developments Ltd.
Oli Stretton, partner in Alder King’s investment team, said: “We’re delighted to have acquired this new asset which offers long-term and secure index-linked income for our client.
“The hotel is prominently located close to the ferry and hovercraft terminals and represents the only nationally recognised budget hotel brand in the town.”