Freeths advises Travelodge on prime West London hotel funding
National law firm Freeths has advised the UK’s first budget hotel chain, Travelodge Hotels Ltd on £19.4m development funding to deliver a new, purpose-built hotel scheme in Chiswick.
Travelodge currently operates 598 hotels across the UK, Ireland and Spain, and 79 hotels in London. The Group is one of the largest budget hotel chains in the Capital, with hotels operating in 31 out of 33 London boroughs.
It appointed property consultancy Gerald Eve to seek funding for the new 113-bedroom development which is located next to Chiswick Roundabout and Chiswick Flyover and situated only 400m from Chiswick Business Park.
Upon completion in 2023, the hotel will be single-let to Travelodge Hotels Limited on a new 35-year lease, with five-yearly, index-linked rent reviews. The purchase price reflects a funding yield of 4.75%.
Commenting on the deal, Liz Banks said: “It was a pleasure to support Travelodge on its recent funding which demonstrates our specific capabilities especially during difficult economic conditions. We wish them every success with the new development.”
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