UK-based railways pension scheme manager Railpen has acquired the commercial ground rent secured against a former 185-room Travelodge hotel at London’s Gatwick Airport. The hotel, which ceased trading in 2014, is let on a 150-year ground lease to Axcel Hospitality Group, who will be refurbishing the hotel. Set to open in late 2021 as a Hyatt Place, the hotel will be managed by Axcel Hospitality, subject to a franchise agreement with Hyatt.
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