Lothbury Investment Management has bought the Travelodge hotel on Union Street, Southwark in London, on behalf of a U.K. pension fund.
The sales price was approximately £56.3 million ($74.42 million).
The acquisition was part of a segregated mandate for the pension fund, which is to acquire prime assets, with index-linked rent reviews and strong residual or alternative use values.
The hotel, which is one of the top-performing hotels in the Travelodge portfolio, has been purchased by clients of Lothbury with 30 years unexpired on the lease and rent reviews linked to RPI.
The hotel comprises 202 rooms with three retail/restaurant units totaling 7,250 square feet at ground level. The building was constructed in 2008.
