LXi REIT acquires Cambridge Belfry hotel for £18.5m
Investment company LXi REIT has acquired the Cambridge Belfry hotel, operated by QHotels, at Cambourne, Cambridge, for £18.5m.
The 120-bedroom, four-AA-star property is let to Marstons Hotels, owned by QHotels. The acquisition will not affect its 22-year lease. The identity of the former owner was not disclosed.
LXi has six properties in total, with hotels including a new 60-bedroom Travelodge in Melksham, near Bath, expected to open February 2018; an 80-bedroom Travelodge in Haverhill, Essex; and a 68-bedroom Premier Inn at Whitley Bay, North Tyneside, expected to open in June this year.
The company intends to become a real estate investment trust and invest in UK commercial property assets let, or pre-let, on very long leases across sectors.
QHotels has 26 hotels across the UK with net assets of £360m, including the Midland hotel in Manchester, the Queens hotel in Leeds and Dunston Hall in Norwich.
Simon Lee, partner at LXi REIT Advisors, said: "We are pleased to have acquired the Cambridge Belfry hotel, which is our sixth acquisition since the company's admission on 27 February 2017. In addition to benefitting from a long, index-linked lease to a strong tenant covenant, the hotel trades strongly and is in a sought-after Cambridge location."
Michael Magrane to leave QHotels for GLH Hotels >>
Marston graduates to Cambridge >>
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