Travelodge, Llandudno
Sector
Property
Deal Type
BPRA
Initial Investment
March 2013
Transaction size
£4.6m
Location
Llandudno
Maven Office
Glasgow
In March 2013, Maven clients invested £4.6 million to acquire the former Clarence Hotel in Llandudno, North Wales. The property had been vacant for some time and the existing structure was comprehensively refurbished, along with a limited new-build on parts of the upper floor, to provide 82 en-suite bedrooms to Travelodge’s specifications with a further two retail units on the ground floor.
The transaction qualified for BPRA (Business Premises Renovation Allowance) which enabled UK taxpaying investors to claim tax allowances against much of the capital invested in refurbishing the empty building and returning it to commercial use.
The Travelodge Llandudno opened to the public in March 2015, and continues to trade strongly.