BP Pension Fund buys Ibis Budget hotel

THE Ibis Budget hotel in Trafford Road, Salford has been sold to the BP Pension Fund in a £12m deal.

The 210-bed hotel is let to the French hotel group Accor on a 22-year lease from 2008.

The deal is said to reflect a net initial yield of 5.05%. The identity of the vendor has not been disclosed.

BP Investment Management completed the acquisition on behalf of the BP Pension Fund. It was advised by HSM and NJB Hotels & Leisure Property.

Nick Barber of NJB confirmed the sale but declined t... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...