Private investor syndicator Hotbed UK has agreed to forward fund a Travelodge hotel on Statford High Street near the Olympic Park. I have attached an image of what the hotel, which will open by the end of year, should look like.
Hotbed is investing £15.1m - a 6.1% yield - in the development of the 188-bedroom hotel.
The hotel is let on a 25-year, RPI-linked lease to budget hotel chain Travelodge.
Peveril Securities, the development arm of Bowmer & Kirkland, and its joint venture partner Active Estates are developing the property.
Strettons advised Travelodge; JD Partners acted for Hotbed.