Cordatus acquires Newcastle Travelodge for £4.7m

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.

Travelodge targets local authorities for development potential >>

Tower Bridge Travelodge hotel sold for £47.1m >>

Travelodge plan 11 Essex hotels after Romford opening >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs