Savills has completed the freehold sales of the ibis Budget Newport and Hotel ibis Swansea to a private buyer for an undisclosed price with the hotels subsequently being leased to AGO Hotels, a hybrid lease operator providing a combination of guaranteed fixed rent and profit participation.
The Hotel ibis Swansea comprises 99 bedrooms, a 50 cover restaurant and two meetings rooms. It is located on the A483 which is the main arterial road providing access to the city centre.
The ibis Budget Newport comprises 103 bedrooms, a 30 cover breakfast room and bar. The Hotel benefits from its from proximity to Newport city centre and Junction 26 of the M4 which provides excellent connections to both Cardiff and Bristol.
James Greenslade, director in the hotel capital markets team at Savills, says:
“On behalf of our private clients we are delighted to have completed the sale of these two well connected hotels which have been added to AGO’s growing hotel portfolio. Domestic consumer demand has been resilient and as numbers of international travellers and live events continue to grow, we expect hotels in locations that can service this demand to perform well.”