Travelodge has sold its Wellingborough hotel to property investment and development company Cooper Estates.
As part of the multimillion-pound deal, Kent-based Cooper Estates – which has a portfolio mostly comprised of retail and industrial assets – has also agreed a new lease with Travelodge for the site on the west side of Enstone Court. Taking over the lease from Ibis, the national hotel chain plans to reopen the venue ahead of the British leg of the Formula One grand prix in 2024, taking place at nearby Silverstone.
Law firm Moore Barlow advised Cooper Estates on the deal.
Why it matters
Cooper Estate’s interest in hotels further indicates the increasing interest in hospitality as experts continue to laud the hotel sector as being the best for investment, noting that hotels have continued to outperform other asset classes in recent years.
What they said
David Gregory, investment director at Cooper Estates said: “This had the potential to be a very complicated deal, with the end of one lease, the acquisition and the new lease with Travelodge all needing to happen in tandem. That it went so smoothly is testament to the team that worked on it, and means all parties are in the best possible position to move forward and ensure the hotel’s continued success.
Luc Algar, partner and head of real estate at Moore Barlow added: “The hotel and leisure industry is a vital cog in the UK’s economic machine and ensuring it is backed by a robust M&A market is essential. Companies like Cooper Estates play an important role in ensuring sites towns like Wellingborough, where tourism is essential to the local economy, continue to prosper.”