RPMI Railpen, the investment manager for the £30bn railways pension scheme, has acquired the commercial ground rent secured against a hotel next to Gatwick Airport. The 185-room property is let on a 150-year lease to Axcel Group. Formerly a Travelodge, Axcel is to implement a comprehensive high-quality refurbishment of the hotel, including upgrading rooms and a full renovation of the reception, restaurant and bar areas.
Railpen and Axcel Group dealt direct, with legal counsel provided by Winckworth Sherwood and Harold Benjamin respectively.
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