Clay Street advised a UK pension fund on the disposal of Travelodge London Excel, a 131-bed hotel let to Travelodge Hotels Ltd until 31 December 2046. The property generated a passing rent of £911,321 per annum, subject to five-yearly, upwards-only rent reviews linked to CPIH, with a collar and cap of 1%–4% per annum compounded. The asset was sold for £14,250,000, reflecting a net initial yield (NIY) of 5.99%.
