Aberdeen Standard Investments has sold the Travelodge hotel in Brent Cross to a private investor for £16 million.
The hotel has 128 bedrooms and separate ground floor office accommodation which is let to the Secretary of State for Communities and Local Government.
Tom Elviss, deputy fund manager at Aberdeen Standard Investments, said: “This disposal crystallised a significant profit to the fund following the comprehensive redevelopment of the asset in 2016/2017 to facilitate the change of use from an office to a hotel which had been pre-let to Travelodge.”
Shaun Roy, head of hotels at Knight Frank, the commercial real estate advisor who advised Aberdeen Standard, said: “The strength of this asset’s location in the up and coming Brent Cross area, coupled with its excellent property fundamentals in providing long-term secure income, appealed to the purchaser of the asset.”
