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Browne Jacobson completes major hotel acquisition for City of Lincoln Council

23 March 2018

Browne Jacobson has successfully advised City of Lincoln Council on a major acquisition of a £13m new build hotel in the heart of the city.

The 127 bedroom hotel on Tentercroft Street in Lincoln is expected to be completed before the end of the year and will be leased to Travelodge Hotels Limited on a 25 year term, with the option to extend for a further 25 years.

It is one of 20 new hotels being opened by Travelodge Hotels Limited in 2018 as part of an extensive UK expansion programme. A key feature of the hotel is the inclusion of 28 ‘super rooms’ aimed at attracting a growing corporate and small and medium-sized enterprise (SME) clientele.

The Browne Jacobson team was led by property associate Kassra Powels, supported by Holly Chadwick (property) and Charles Harrison (construction).

Kassra Powels, said: “We are delighted to have completed this transaction which is a significant investment by both the Council and one of the UK’s leading budget hotel operators. The strength and depth of our real estate and the public sector offering prove to be a winning combination in getting a strategically important acquisition completed on time.”

Councillor Ric Metcalfe, Leader of City of Lincoln Council, commented: “This development captures our vision to deliver Lincoln’s ambitious future and gives out a clear message that the council is doing all it can to help enhance our remarkable city. This is a calculated investment which required a carefully considered business case. We are confident it will reap good rewards for council tax payers in an environment where financial support from central government is disappearing.”

David Clancy, Development director from S Harrison, remarked: “This year-long transformation into a much-needed new hotel in the heart of Lincoln has created jobs and helped boost the local economy.

“It will also no doubt assist with attracting more visitors to this central area, which has benefited from major investment recently, and we are proud to have played our part in helping bring Travelodge to the city.”

 Tony O’Brien, UK Development Director for Travelodge Hotels, added: “The new Travelodge Lincoln City Centre is in a perfect location for business and leisure visitors to the city. Being easy to find and access, having excellent car parking adjacent to the hotel and being directly opposite the railway station, the new Travelodge is ideal for customers driving to Lincoln or arriving on the train.”

Browne Jacobson has one of the leading real estate practices in the East Midlands, according to independent legal directories Chambers UK and Legal 500. Described as "outstanding" and "always willing to go the extra mile" for clients, the team advises both the public and private sector on a wide range of complex real estate matters from planning and construction through to funding, tax advice and litigation.

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