Legal & General Property has bought a 120-bedroom Travelodge hotel in High Wycombe, Buckinghamshire.
It paid McLaren Property £11m, reflecting a 6.8% net initial yield.
The asset, which includes three shops, was bought on behalf of the Linked Pension Fund.
The hotel is let to Travelodge on a FRI lease for a term of 25 years, expiring in November 2036, with Travelodge Hotels accountable for 73% of the total passing rent on the property.
One of the shops is vacant and the other two are let to Sports Direct and Sassy & Co Hair & Beauty, until September 2022 and May 2022 respectively.
Montagu Evans acted for McLaren; Strutt & Parker advised L&G.
joanna.bourke@estatesgazette.com
