Moxy & Residence Inn by Marriott, 3-5 William Street, Slough
244 beds
Description
On behalf of Slough Borough Council, Avison Young (UK) Limited has been appointed sole exclusive agent to offer for sale the freehold of The Moxy
Slough & Residence Inn by Marriott, Slough.
• Rare investment opportunity to acquire two integrated Marriott branded hotels.
• 10 storey dual-branded building located at the centre of Slough and within a 5 minute walk to Slough Station.
• Slough has the highest concentration of UK HQs of global companies outside of London and Slough Trading Estate is the largest business and industrial park under single ownership in Europe.
• 152-bedroom Moxy brand Hotel with a 135 cover bar & restaurant and shared fully equipped gym.
• 92-unit Residence Inn by Marriott brand with a 125 cover bar & restaurant and shared fully equipped gym.
• Combined 244 rooms, opened in February 2021.
• Freehold.
• Subject to an occupational lease of the whole building by Slough Old Library Hotels Limited (a subsidiary of Cycas Hospitality, now known as Vertiq Hospitality Partners) for an unexpired term of 19.40 years.
• Current base rent of £1,550,746 per annum, equating to £6,356 per key, subject to annual increases linked to 70% of CPI (capped at 4%).
• EPC Rating: B (30).
• Underpinned by VP value upon reversion.
We are instructed to seek offers in excess of £19,000,000 (Nineteen Million Pounds). A purchase at this level would reflect a Net Initial Yield of 7.64% (Excluding any landlord costs) assuming standard purchaser costs of 6.80%. This equates to a Capital Value of £77,869 per key.
Slough & Residence Inn by Marriott, Slough.
• Rare investment opportunity to acquire two integrated Marriott branded hotels.
• 10 storey dual-branded building located at the centre of Slough and within a 5 minute walk to Slough Station.
• Slough has the highest concentration of UK HQs of global companies outside of London and Slough Trading Estate is the largest business and industrial park under single ownership in Europe.
• 152-bedroom Moxy brand Hotel with a 135 cover bar & restaurant and shared fully equipped gym.
• 92-unit Residence Inn by Marriott brand with a 125 cover bar & restaurant and shared fully equipped gym.
• Combined 244 rooms, opened in February 2021.
• Freehold.
• Subject to an occupational lease of the whole building by Slough Old Library Hotels Limited (a subsidiary of Cycas Hospitality, now known as Vertiq Hospitality Partners) for an unexpired term of 19.40 years.
• Current base rent of £1,550,746 per annum, equating to £6,356 per key, subject to annual increases linked to 70% of CPI (capped at 4%).
• EPC Rating: B (30).
• Underpinned by VP value upon reversion.
We are instructed to seek offers in excess of £19,000,000 (Nineteen Million Pounds). A purchase at this level would reflect a Net Initial Yield of 7.64% (Excluding any landlord costs) assuming standard purchaser costs of 6.80%. This equates to a Capital Value of £77,869 per key.
BUILDING HIGHLIGHTS
Rare investment opportunity
Two integrated Marriott branded hotels
Located at the centre of Slough
Opened in February 2021
