19 August 2013, Travelodge last week formally opened its 219 bed Newmarket Road, Cambridge hotel. Located on the site of a former Greene King Brewery on the edge of the city centre, the hotel reinforces Travelodge’s position as the biggest hotel brand in Cambridge and complements Travelodge’s four other hotels in the area.
The development was financed and is owned by the Charities Property Fund. Angy Benitz of the Charities Property Fund commented:
“We are delighted to conclude the successful development of this asset working in partnership with Travelodge and Merchant Place Developments.
“A significant proportion of the Fund’s investor base originates from Cambridge University colleges and this asset fits our investment objectives by securing a freehold interest in a development constrained centre such as Cambridge, secured on a long lease to a quality tenant in a newly developed property which we anticipate will trade well for the occupier. Cambridge is enjoying strong growth due to sustained demand from occupiers and investors and it is this type of profile that we are targeting for future investments.”
Travelodge were represented in this transaction by Will Mooney, Partner and Head of Commercial Eastern Region at Carter Jonas. Will said:
“It was a proud moment to be standing inside the hotel on its opening day after identifying the prime site some four years ago and negotiating the deal.
“There were many hurdles put in our way to get this hotel through the planning process but perseverance paid off and it looks stunning both inside and out.
“It is a landmark building on one of the busiest gateways into the city and is Travelodge’s largest hotel outside of London which confirms the company’s commitment to Cambridge and the region.”
Cambridge based planning consultants Januarys handled the planning whilst Anglo Holt constructed the six storey hotel. Anglo Holt has now constructed 60 Travelodge hotels over a 13 year partnership with the company.