Leicester: Travelodge Hotel and Grosvenor Casino sold for almost $11 million

A Travelodge hotel and linked Grosvenor casino in the center of Leicester City, England, have been sold for £8.75 million ($11 million). As per Savills estate agents, the hotel in Highcross Street was sold to a mystery buyer, described as a “UK family office.” The site became available last year when it had an asking price of £10.2 million ($12.9 million).

When the property went up for sale last year, Victor Ktori, head of commercial real estate at Savills Nottingham, described the purchasing of the property as an opportunity to acquire “a significant piece of city center real estate, immediately adjacent to Highcross Shopping Centre.”

The hotel, which opened in 2004, has 95 rooms across four floors and went under a £325,000 ($410,021) refurbishment in 2014 as part of a companywide modernization program. The site also features 55 pay and display car parking spaces. Travelodge is one of the biggest budget hotel brands in the UK, with around 570 hotels, including another in the Leicester Haymarket shopping center.

The hotel also houses the Grosvenor casino, which is located across the ground, first, and second floors of the hotel. It features a gaming machine floor on the ground level and the main gaming floor on the top. Also among the highlights of the casino are various bars and a 50-cover restaurant area.

The second floor includes a staff rest room, kitchen and preparatory areas, training rooms, and a plant room. Established in 1966, Grosvenor Casinos Limited operates 53 casinos in the UK.

Savills told Business Live that it has sold the 63,000 sq ft hotel and casino on behalf of property investment company Tritax. It also cited Rightmove, which noted that the total annual rent is around £730,000 ($920,600)

The Business Desk also quoted Ktori, who upon closing the sale said: “We are delighted to complete the sale of this prime Leicester city center property which attracted robust demand driven by strong investment metrics.”