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 to comment. The vendor was not represented.
