Pan Albion Group has put a development ready £50m+ GDV aparthotel site in Cambridge up for sale.
The company has appointed Savills to sell the freehold of the fully consented 134-bedroom Residence Inn by Marriott Cambridge aparthotel development at Mitcham’s Corner, 121-123 Chesterton Road.
The aparthotel will be arranged over four storeys and feature an open plan reception, lounge, restaurant and bar, gym and business centre.
Richard Dawes, director in Savills’ hotel capital markets team, said, “We are delighted to introduce this best-in-class and rarely available freehold development to the market. Cambridge has a high performing economy, a thriving hotel sector and a recognised shortage of branded extended stay rooms.”
Charlotte King, from Savills’ hotel capital markets team, added, “This high quality centrally located site is ideal for an aparthotel such as Residence Inn by Marriott, which will be able to drive market-leading returns in operation through a combination of the above average RevPAR and high margin operational model associated with a brand-new extended stay product.”
