Council buys city centre hotel in £13m deal
York-based development company S Harrison has sold a new hotel in Lincoln city centre, which will be operated by Travelodge Hotels on a 25 year lease, to City of Lincoln Council for £13m.
The deal follows the recent completion of an £8m hotel scheme by S Harrison and its partner Stratford Town Trust, which has seen two Grade II listed Georgian townhouses in Stratford-upon-Avon transformed into a luxurious Hotel du Vin.
Development director, David Clancy, from S Harrison, says: “This year-long construction programme to create a much-needed new hotel in Lincoln city centre is the fifth hotel we have completed in recent years, and there are a similar number already in our development pipeline.
“Working with some of the leading names in the hotel market, including Travelodge, Malmaison Hotel du Vin Group, Hilton Hotels and Premier Inn, we pride ourselves on delivering bespoke solutions for each individual site and location. Whether it’s new build, or the redevelopment of heritage buildings, we have been instrumental in delivering a range of truly outstanding hotels in prime locations across the UK, and are looking to expand our activity further within this sector.”
The Lincoln Travelodge is due to open later this year and is located on Tentercroft Street in the heart of the city. With 127 bedrooms and super rooms, 60 of which are doubles and 61 of which are family rooms, there are also six accessible rooms and 22 dedicated car parking spaces. Mainly constructed from red and buff brickwork with recessed grey aluminium window frames, the ground floor of the hotel will also incorporate a reception, breakfast area, café, bar, seating area, kitchens and storage areas.
Councillor Ric Metcalfe, leader of City of Lincoln Council, said: “The superb location of the hotel will provide easy links to the new transport hub, the High Street and the University of Lincoln, making it an ideal place to stay for a trip to the city. It will provide much needed jobs in the city to drive economic growth and this development captures our vision to deliver Lincoln’s ambitious future. Working in partnership with S Harrison has enabled us to further enhance our remarkable city and we have been impressed with the firm’s expertise on this sort of development.”
After 25 years, Travelodge Hotels Limited will also have the option to extend the lease for a further 25 years. City of Lincoln Council says it will use the returns from its investment to maintain key council services.
The Nottingham office of Browne Jacobson advised Lincoln City Council on the deal. Kassra Powles led the Browne Jacobson team, supported by Holly Chadwick and Charles Harrison.
