The hotel is located on Vernon Street and is let to Premier Inn for 102 years. Aprirose acquired the asset in 2014 and offered a net initial yield of around 4% with uplift potential.

Richard Hughes, head of asset management at Aprirose, said: “This was an opportunistic sale, taking advantage of strong pricing for this well-located asset, which was reflected in the interest and sale price which exceeded expectations. We have delivered a healthy return to our investors and can redeploy capital into new opportunities as they arise.”

Ari Boyd, CFO of Aprirose, added: “We are embarking on a period of strategic acquisitions as the company looks to take advantage of our track record to buy well and identifying both long income and asset management opportunities across a range of sectors in the UK. We are excited to see a range of deals put forwards as spotting the hidden gem and structuring the right deal for us and our investment partners play to our strengths as an investment house.”

Mark Bruce-Lockhard advised Aprirose on the sale and Freedman & Hilmi advised on the legals. Parkdales advised the purchaser