On behalf of one of the UK’s largest budget hotel operators, Hartnell Taylor Cook has acquired over ten hotels across the South West in the past decade, including most recently the opening of an 87 bed hotel at Melksham, Wiltshire.
Travelodge has over 500 hotels across the UK and plan to increase their portfolio with a further 250 hotels nationwide. The challenge is to initiate the development process for a client whose expansion strategy is based upon leasehold acquisition only. To satisfy the objective it is often necessary to involve development and funding parties where land owners are not able to or do not wish to develop out directly.
The Development team identified a suitable location in Melksham within an existing business park, adjacent to a country pub, The Milk Churn, and in an area of interest to the car showroom and edge of town drive through market. Whilst the land owner would not develop directly they were prepared to sell the site. Loc8 Developments were introduced to acquire the site subject to a pre-let to Travelodge. Upon acquisition, Loc8 developed out and funded a scheme which also included a ground floor retail unit let to Greggs and a standalone drive through let to Costa.
The Development team worked closely with Travelodge and Loc8 Developments advising on the commercial requirements to conclude the transaction and allow the scheme to be constructed. HTC has been instrumental in helping Travelodge achieve their target for planned growth advising on the acquisition of new hotels in Filton, Weston-Super-Mare, Melksham, Swindon, Avonmouth and Highbridge, with a number of other opportunities under negotiation.
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Hartnell Taylor Cook
5th November 2020