November 12, 2014
Lumina Real Estate Capital, the real estate investor and advisory company, has acquired the Holiday Inn Express in Cheltenham through a £14m corporate deal which reflects a yield of 9.2%.”
The 132-bedroom award-winning hotel in Cheltenham town centre has a franchise agreement with IHG for a further 14 years.
Redefine BDL have been re-appointed as the hotel’s management company.
James Armstrong, Investment director at Lumina Real Estate, says: “This is an exceptionally well-located hotel in the heart of Cheltenham with a strong business and leisure mix and significant growth potential.”
Lumina Real Estate Capital purchased the hotel in partnership with a group of co-investors represented by Capital Trust Group, who acted as the corporate finance advisor on the acquisition.
Olga Aburdene, director at Capital Trust Ltd., added: “We are delighted to have worked with Lumina Real Estate Capital in securing the only internationally branded hotel in Cheltenham and are committed to maintaining its position as one of the leading hotels in Cheltenham”.
City law firm Trowers & Hamlin LLP advised on the acquisition.
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