Ayr- based firm bags Travelodge contract
An Ayr- based property developer is to build a new hotel for the Travelodge group.
The 70 bedroom hotel, prelet to Travelodge Hotels Ltd on a 25 year contract, will open next autumn in Edinburgh’s South Gyle.
The new hotel will be sited on land purchased from Greene King, who recently developed a new Farmhouse Inn on the adjacent plot.
Crucible Alba Group Development Director, Brian Robinson, confirmed: “This is an excellent development for all concerned; for our forward funder, for the tenant, Travelodge Hotels, and for Greene King as their Farmhouse Inn will benefit from having the hotel next door.
“The location of the hotel is extremely strong being within two miles of Edinburgh International Airport and adjacent to the successful Edinburgh Park business district.”
The project is fully forward funded by LXI Reit plc and Travelodge Hotels Limited have agreed to a 25 year unbroken lease with five yearly Consumer Prices Index ( CPI) linked rent reviews which are capped and collared at four per cent and one per cent respectively.