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The freehold site of the fully consented Residence Inn by Marriott Cambridge is being marketed by Savills for an undisclosed price.
This is an opportunity to acquire a development ready site for a 134-bedroom aparthotel, with a franchise agreement secured with Marriott International, and a Gross Development Value (GDV) in excess of £50m.
The aparthotel 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.
The site is located adjacent to the River Cam on the north side of Cambridge City Centre with quick and easy access to the City Centre, Cambridge North and Cambridge Science Park.
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.”
