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Scotland Travelodges

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Scotland Travelodges TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 A unique investment opportunity to acquire two securely let hotels INVESTMENT SUMMARY The Vendor is seeking offers of in excess of A unique opportunity to acquire two securely let £8,520,000 (Eight Million, Five Hundred and hotels; Aberdeen Bucksburn, totalling 48 Twenty Thousand Pounds), subject to contract ELGIN bedrooms & Perth A9, totalling 53 bedrooms and exclusive of VAT INVERNESS Let to one of the leading budget hotel Pricing at this level reflects a net initial yield of operators, Travelodge Hotels Limited ABERDEEN 6.00% assuming purchasers costs of 6.19% on FRI Leases The passing rents are subject to five yearly, RPI Alternatively, the vendor will entertain linked, uncapped reviews and benefit from individual bids for each asset, and would seek good levels of reversion offers excess of: DUNDEE PERTH Aberdeen : £5,720,000 The two hotels are well positioned, providing STIRLING excellent access to two of Scotland’s key cities (Five Million and Seven Hundred and Twenty EDINBURGH Thousand Pounds) which reflects a net PAISLEY GLASGOW initial yield of 6.00% assuming purchasers costs of 6.13% Aberdeen Bucksburn has a current total passing rent of £363,918 and Perth A9 has a current passing rent of £177,914 per annum Perth : £2,800,000 (Two Million, Eight Hundred Thousand Pounds) Aberdeen Bucksburn is held Heritable Interest which reflects a net initial yield of 6.00% DUMFRIES whilst Perth A9 is held Long-Leasehold with an assuming purchasers costs of 5.95% unexpired term of 167 years 2 | TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 01 TRAVELODGE ABERDEEN BUCKSBURN A96, INVERURIE ROAD, BUCKSBURN, ABERDEEN, AB21 9BB LOCATION TENANCY Aberdeen is Scotland’s third largest city and is the main administrative The property is subject to a lease to Travelodge Hotels Limited with an and financial centre for Aberdeen City and Aberdeenshire. The city is unexpired term of just under 20 years, expiring on 26 October 2038* at a widely regarded as the energy capital of Europe and is home to the UK’s current rent of £323,601 per annum. The rent is subject to five yearly, RPI oil and gas industry. The population which currently sits at 230,000 with a linked, uncapped reviews with the next review on 1 October 2021. wider catchment of 500,000 is forecast to see significant growth of over Additionally, the Heritable Interest also generates a ground rent of £40,317 20% by 2035. which will be made available to the purchaser. The is subject to five yearly review to 4% of average Gross Turnover last four years. The next review is in The property lies approximately 4 miles north west of the city centre. The September 2021. property benefits from lying in close proximity to Aberdeen Airport and the new Aberdeen Exhibition Centre. Occupiers nearby include Lidl, McDonald’s Based on CBRE predictions for RPI growth, we estimate the rental profile to and Bucksburn Academy. The surrounding area includes some light run as below during the unexpired term: industrial and residential. Current Passing 2021 2026 2031 2036 ACCOMMODATION Rent The property provides 48 double bedrooms £363,918 £417,894 £486,472 £558,943 £641,547 TENURE Heritable Interest (Scottish Equivalent of English Freehold). TITLE PLAN EPC A copy of the EPC will be provided to interested parties. Aberdeen Airport PROPOSAL On this individual asset, we are seeking offers in excess of £5,720,000 which reflects a net initial yield of 6.00%, after allowing for standard purchaser’s costs. *Assumes Landlord option to extend to expiry 4 | TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 02 TRAVELODGE PERTH A9 CRIEFF ROAD, PERTH, PH1 3JJ LOCATION TENANCY Perth is an attractive and thriving city benefitting from an affluent catchment The property is subject to a lease to Travelodge Hotels Limited with an area and is in the heart of Scotland approximately 43 miles north west of unexpired term of just under 20 years, expiring on 16 July 2038* at a Edinburgh, 59 miles north east of Glasgow and 22 miles west of Dundee. current rent of £177,914 per annum. The rent is subject to five yearly, RPI linked, uncapped reviews with the next review on 10 August 2020. Perth is the administrative centre of the Perth & Kinross council area and has historically been known as the ‘Gateway to the Highlands’. Perth is located Based on CBRE predictions for RPI growth, we estimate the rental profile to at the base of the River Tay in the heart of Scotland with the A9 and run as below during the unexpired term: A90/M90 linking the city to Edinburgh, Glasgow, Dundee and beyond. Current ACCOMMODATION Passing 2020 2025 2030 2035 Rent The property provides 53 double bedrooms. £177,914 £205,851 £242,719 £282,484 £327,477 TENURE The property is held by way of a ground lease from Mitchells and Butler Retail Limited, which expires on 9 August 2185 with a peppercorn passing rent. TITLE PLAN EPC A copy of the EPC will be provided to interested parties. PROPOSAL On this individual asset, we are seeking offers in excess of £2,800,000 which reflects a net initial yield of 6.00%, after allowing for standard purchaser’s costs. *Assumes Landlord option to extend to expiry Perth City Centre 6 | TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 03 TRAVELODGE COVENANT SUMMARY COVENANT SUMMARY TRAVELODGE HOTEL LIMITED Travelodge Hotels Limited (Company No: 00769170 and D&B Rating: 5A1) offers a very strong covenant and is the UK’s largest independent hotel brand. The company opened the UK’s first branded budget hotel in 1985 as part of the Trusthouse Forte Group and has grown its portfolio to a total of over 558 hotel assets across the UK, Spain and Ireland. Travelodge, with their nearest competitor Premier Inn, dominate the branded hotel sector in the UK, operating over 70% of all branded budget bedrooms. In 2012, Travelodge was acquired and the new owners, Goldman Sachs, Avenue Capital and GoldenTree embarked on a £100m modernisation programme. With a new emphasis on prime locations and improved operating performance, Travelodge experienced substantial growth beginning in 2013 and continuing to this day. In FY 2017, Travelodge achieved a 3.1% increase in RevPAR to £40.5 and a revenue increase of 6.6% to £637.1m, this was largely underpinned by robust growth in ADR performance. Travelodge’s EBITDA metric grew by 2.1% to £112.4m, an increase of £2.3m. Travelodge’s reported financial performance through the half year of 2018 has been strong as RevPAR grew by 3.1% and revenue increased by 8.0% to £317.2m vs H1 2017. This was largely underpinned by Occupancy increasing by 2.1 pts to 75.6% as ADR remained relatively stable. Travelodge’s EBITDA for H1 grew by ca. 3% to £43.4m, an increase by £1.3m. In the last two years, Travelodge has opened a further 34 hotels (19 hotels in 2016 and 15 hotels in 2017) and the group has already opened 9 hotels in 2018 with an additional 12 properties currently under construction and expected to open later this year. The most recent financial figures are detailed below: 31 st December 2017 31 st December 2016 Turnover (£) £624,000,000 £587,700,000 EBITDA (£) £112,400,000 £110,100,000 Pre-Tax Profit £45,200,000 £46,800,000 Net Current Assets £411,800,000 £369,900,000 Tangible Net Worth £316,100,000 £271,600,000 8 | TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 02 SUMMARY SUMMARY Head Lease Head Occupational Current Next Rent Hotel Tenure Expiry Date Rent Review Expiry Date Passing Rent Review ABERDEEN Heritable Interest* 09/09/2061 £40,317 5 yearly to 4% of average Gross Turnover last four years 26/10/2038 £323,600 01/10/2021 PERTH Long-Leasehold 09/08/2185 £10 n/a 16/07/2038 £177,914 10/08/2020 *The Vendor controls both the Long-leasehold and Heritable Interest and will offer both interests as part of the sale. RECENT TRAVELODGE TRANSACTIONS YIELD PROFILE Unexpired Net Initial Aberdeen Perth Combined Address Date Term Price Yield 2019 6.00% 6.00% 6.00% Edinburgh Park, Edinburgh Oct 2018 25.0 £6.6m 5.40% 2020 6.00% 6.94% 6.31% Chapel Street, Peterhead Aug 2018 23.5 £3.57m 6.10% 2021 6.89% 6.94% 6.91% Justice Mill Lane, Aberdeen Apr 2018 20.9 £9.5m 5.85% 2022 6.89% 6.94% 6.91% Kings Inch Road, Glasgow Apr 2018 20.9 £4.97m 5.33% 2023 6.89% 6.94% 6.91% 2024 6.89% 6.94% 6.91% 2025 6.89% 8.19% 7.32% 2026 8.02% 8.19% 8.07% 2027 8.02% 8.19% 8.07% 2028 8.02% 8.19% 8.07% 2029 8.02% 8.19% 8.07% 2030 8.02% 9.53% 8.52% 2031 9.22% 9.53% 9.32% 2032 9.22% 9.53% 9.32% 2033 9.22% 9.53% 9.32% 2034 9.22% 9.53% 9.32% 2035 9.22% 11.04% 9.82% 2036 10.58% 11.04% 10.73% 10 | TRAVELODGE ABERDEEN BUCKSBURN & PERTH A9 CONTACT PROPOSAL The Vendor is seeking offers of in excess of £8,520,000 (Eight Million, Five Hundred and Twenty ALISTAIR WRIGHT Thousand Pounds), subject to contract and exclusive of VAT. T: 0131 243 4178 Pricing at this level reflects a net initial yield of 6.00% assuming purchasers costs of 6.07% E: [email protected] Alternatively, the vendor will entertain individual bids for each asset individually, and would seek offers excess of: FRANCO SIDOLI T: 020 7182 2121 E: [email protected] Aberdeen : £5,720,000 Perth : £2,800,000 MARC NELSON (Five Million and Seven Hundred and Twenty (Two Million, Eight Hundred Thousand Pounds) T: 020 7182 3610 Thousand Pounds) which reflects a net which reflects a net initial yield of 6.00% E: [email protected] initial yield of 6.00% assuming assuming purchasers costs of 5.95% purchasers costs of 6.13% Henrietta House Henrietta Place London W1G 0NB CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1.
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