Savills has been appointed by Pan Albion Group to sell the freehold site of the fully consented Residence Inn by Marriott Cambridge.
Located on 121-123 Chesterton Road, the development-ready site has a franchise agreement secured with Marriott International and a gross development value in excess of £50 million.
In January, full planning consent was granted to deliver the 134-bed aparthotel which will be arranged over four storeys and feature an open plan reception, lounge, restaurant and bar, gym and business centre. The development also includes a retail unit on the ground floor and aims to achieve high sustainability targets, including a BREEAM ‘Excellent’ certification.
What they said
Richard Dawes, director, Savills Hotel Capital Markets said: “We are delighted to introduce this best-in-class and rarely available freehold development to the market. Cambridge has a high performing economy, a thriving hotel sector and a recognised shortage of branded extended stay rooms.”
Charlotte King, Savills Hotel Capital Markets added: “This high-quality centrally located site is ideal for an aparthotel such as Residence Inn by Marriott, which will be able to drive market-leading returns in operation through a combination of the above average RevPAR and high margin operational model associated with a brand-new extended stay product.”