Derwent Estates, acting on behalf of the Albert Gubay Charitable Foundation (AGCF), has purchased a Travelodge hotel in Chester city centre from a FTSE 100 pension fund for £11.5m.
The four-storey hotel, which is located on the corner of Lower Bridge Street and Pepper Street in the heart of the city centre, is also home to a 4,000 sq ft Tesco convenience store on the ground and part of the basement floors.
Jonathan Black, property director at Derwent Estates, said: “This acquisition marks a significant milestone for the charity, as it is the first hotel addition to the AGCF property portfolio. Diversifying the charity’s portfolio has long been a strategic goal and this opportunity perfectly aligns with that vision. The property is situated in a prime location for the use and also features two strong covenants secured by long term leases.”
Christopher Dee acted for Derwent Estates and the vendor was represented by Clay Street.
