Overseas investor buys £42m central London hotel

Overseas investor buys £42m central London hotel

Property investment consultant CBRE has advised on the sale of a central London hotel to a foreign investor.

Travelodge Hotel in Liverpool Street was purchased by the Hong Kong-based YT Realty Group for £42m.

The news comes despite plans by Sadiq Khan to discourage overseas investment in the London property market.

The mayor of London claimed that residents in the capital should have priority over foreign investors.

Back in April, Development Finance Today was informed that Chinese demand for prime London property had softened.

However, CBRE claimed that the sale demonstrated a sustained interest in the London market from international buyers.

The 45,000 sq ft hotel was extensively refurbished in 2014 and features 142 rooms across seven floors.

Hotel operator Travelodge holds a 33-year lease on the property, which benefits from long leasehold interest of 200 years with an unexpired term of 174 years.

The passing rent totals £2,069,144 per year, though this is subject to review in April 2017.

CBRE acted on behalf of previous owners Full Moon HoldCo, while YT Realty Group was advised by Savills.

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