The group said the hotel is a “significant addition” to Milton Keynes town centre, which has “lacked a premium budget hotel offering”. Construction of the hotel is underway by McAleer and Rushe with completion scheduled for autumn 2020 and the hotel opening shortly thereafter.
Lee Saywack, development director of Dominvs Group, said: “This is a great opportunity to bring more high-quality accommodation to Milton Keynes city centre. The development is set to become a prominent hotel within walking distance from the central train station, as well as benefiting from excellent visibility from the busy local roads.”
John Duxbury, head of UK Retail and Leisure at M&G Real Estate, said: “This transaction is an excellent example of the sort of securely let investment that fits perfectly into our strategy. We will continue to increase our exposure to sustainable, long-income assets that provide stable returns for our investors.”