Maven Property completes Inverness hotel deal

Maven Property, the property arm of Maven Capital Partners, has completed the acquisition of Ballantyne House in Inverness for a £4.4m Travelodge conversion. The 23,000 sq ft vacant office building in the heart of Inverness will be redeveloped into a new hotel, set to be let to Travelodge on a 25-year lease. Maven has funded the project through a combination of a £2m investment via its UK-wide co-investor network, Investor Partners, and a bank loan totalling £2.4m. The conversion, which is being undertaken by Drum Capital Projects, part of Drum Property, is expected to be completed by late 2017. Once open, the hotel will comprise 54 bedrooms across five floors and a bar/café. Inverness is the UK’s most northerly city with a population of 70,000 and a further 300,000 people living within its catchment area. The city attracts more than £1.6m visitors each year, drawn to events such as the Scottish Open at Castle Stuart Golf Links. The city is reported to regularly reach capacity in terms of hotel accommodation and further developments, particularly of branded hotels, are required in order to meet growing customer demand. The new Travelodge will provide a base for tourists. The transaction is Maven’s second Travelodge investment following the success of a similar development in Llandudno, North Wales, which saw the renovation of the former Clarence Hotel into a new 82-room hotel. Maven’s property portfolio has expanded significantly in recent years and the team now manages more than £150m of client funds invested across more than 10 properties. Maven was advised by Brodies and Johnston Carmichael; Sandy Cameron Property Consultants represented Travelodge on the acquisition of this property. • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette