Coffer Corporate Leisure has completed the freehold investment disposal of the Travelodge Alton, Hampshire, on behalf of a private client for £3.55 million, reflecting a net initial yield of 5.82%.

The 1.55-acre site comprises a purpose-built Travelodge hotel providing a total of 50 en-suite bedrooms. The property is let to Travelodge Hotels Limited until 2038. Travelodge was the UK’s first budget hotel brand and currently operates 578 Travelodge hotels in the UK, Spain and Ireland.

Lawrence Telford, Director, Coffer Corporate Leisure said, “Despite the political and economic uncertainty, good-quality, long-income indexed investments remain in high demand as evidenced by the competitive bidding experienced with this sale. Whilst short-term trading has been impacted by the Brexit effect, investors are attracted to the budget sector which has demonstrated robust trading performance over many years, bolstered by a combination of a continuing ‘staycation’ phenomenon and strong business demand”.

Coffer Corporate Leisure advised the vendor. Hoddell Stotesbury Morgan advised the purchaser.