Travelodge has taken a prelet at Legal & General Property’s development site at Coliseum leisure park, Cheshire Oaks.
The development, which is scheduled to start on site in September and complete at the beginning of next summer, will comprise a four-storey, 77-bedroom hotel, arranged above an 800 sq ft hotel lobby and 7,000 sq ft of two ground-floor restaurants.
The hotel has been prelet to Travelodge on a 25-year lease.
LGP is also in talks with a number of other restaurant operators to take space at the scheme.
The deal is on behalf of LGP’s Leisure Fund.
Andrew Ferguson, fund manager to LGP’s Leisure Fund, said: “This reflects our ongoing belief that there is significant value to be found in the leisure sector, which continues to offer long leases off sensible base rents, providing an attractive alternative to some of the more traditional investment sectors.”
Jones Lang LaSalle acts for LGP; Whitestone Retail and Leisure advised Travelodge.
annabel.dixon@estatesgazette.com
