Maven acquires Inverness property for Travelodge hotel conversion
Maven Property has completed the acquisition of Ballantyne House, Inverness. The 23,000 sq ft vacant office building located in the heart of Inverness will be redeveloped into a new hotel, set to be leased to the UK’s largest independent hotel chain, Travelodge on a 25 year term. Maven has funded the project via its UK-wide co-investor network, ‘Investor Partners’.
The conversion, which is being undertaken by Drum Capital Projects Limited, part of Drum Property Group, is expected to be completed by late 2017. Once open, the hotel will comprise of 54 rooms across five floors and feature a bar/café. Ballantyne House occupies a prime location on Academy Street, a busy commercial hub close to the main train station and Eastgate Shopping Centre.
Inverness is the UK’s most northerly city with a population of 70,000 and a further 300,000 people living within its catchment area. Known as the ‘capital of the Highlands’, the city attracts more than 1.6 million visitors each year, drawn to world-class events such as the Scottish Open at Castle Stuart Golf Links. The city is reported to regularly reach capacity in terms of hotel accommodation and further developments, particularly of branded hotels, are required in order to meet growing customer demand. The new Travelodge will provide a modern and affordable base for tourists looking to experience and explore the natural beauty and cultural heritage of the wider area.
The transaction represents Maven’s second Travelodge investment following the success of a similar development in Llandudno, North Wales, which saw the renovation of the former Clarence Hotel into a new 82-room Travelodge hotel.
Maven’s property portfolio has expanded significantly in recent years and the team now manages more than 10 properties across the UK with Gross Development Value of over £150 million.
Paul Johnston, Investment Director at Maven, said: “I am delighted to have added this property to our growing hotel portfolio and to be working in partnership with Drum and Travelodge. Maven has been keen to invest in Inverness for some time and Ballantyne House has proved to be an excellent opportunity for our investors. The city is a key destination for tourism and leisure, drawing in visitors from across Europe and beyond to discover the beauty of the Scottish Highlands. The new hotel is well located within the city centre and will be ideally suited for all types of customers with a host of amenities on its doorstep. The project is further evidence of Maven’s growing property business and our commitment to bringing attractive investment opportunities to our clients.”