Christie + Co secures Travelodge for Stansted Manor Hotel

9 March 2010

Acting on behalf of Compass Hotels Limited, Christie + Co has negotiated a management lease to Travelodge on the Best Western Stansted Manor Hotel in Essex.

The budget hotel operator has entered into a 25-year lease agreement to operate the 70-bedroom hotel, which will now undergo a full Travelodge conversion.

Compass Hotels Limited, which will continue to own the property, is entering into the lease agreement in order to focus on the hotel management contract side of its business. The company also currently owns the Best Western Abbey Hotel, Bath, and the Best Western Manor House Hotel, Stoke-on-Trent.

Set amidst eight acres of woodland, the 3-star hotel currently features a restaurant, a conference/function room with capacity for 35, and a marquee, which can accommodate up to 200 people. The property is located just three miles from Stansted International Airport, which is the UK’s third busiest airport handling more than 23 million passengers per annum.

Julian Tee, Chief Executive of Compass Hotels, said: “We have enjoyed the last seven years of trading at Stansted Manor Hotel and are grateful to the many loyal customers we have gained. The association with Best Western Hotels has been valuable. However, from a commercial and strategic position, this is the right move for Compass to free up resource and concentrate on management opportunities.”

Travelodge’s Managing Director for Development, Paul Harvey said: “Whilst the property market is still challenging, we have been able to add some fantastic sites to our estate such as this hotel. Our growth pipeline for 2010 is off to a flying start with the opening of a key hotel in close proximity to Stansted Airport. With three former 3-star properties converted and re-opened as Travelodge hotels so far this year, we have managed to enter new towns like Bishops Stortford for the first time.”

Jeremy Jones, Director at Christie + Co, said: “When Compass Hotels Limited acquired Stansted Manor in 2003 they did so in the knowledge that this modern, purpose-built hotel could adopt a variety of different hotel brands.

“Having successfully traded the hotel under the Best Western association, the Directors of Compass Hotels Limited are keen to build upon their successful hotel management business and the leasing of Stansted Manor will free up management time without losing this freehold asset and valuable income stream.

“Meanwhile Travelodge continue on their expansion trail by securing a modern hotel in a prime trading location.”

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For further information on this press release, please contact: Mark Wingett at Christie + Co. Tel: 020 7227 0794. mark.wingett@christie.com