Maven invests in new Inverness hotel
Private equity group Maven Capital Partners has acquired Ballantyne House office building in Inverness in a multi-million-pound deal which will see the site converted into a 54-room Travelodge.
An investment of £4.4m will transform the vacant 23,000 sq ft property at 84 Academy St into a five-floor hotel that will be leased to Travelodge on a 25 year term.
The project is being funded by a £2m investment through Maven’s co-investor network and a £2.4m bank loan.
The renovations will be done by developer Drum Property Group and the project is expected to be completed by late 2017.
The finished hotel will have 54 rooms across five floors and a bar/café area.
Paul Johnston, investment director at Maven, said, “Maven has been keen to invest in Inverness for some time and Ballantyne House has proved to be an excellent opportunity for our investors.
“The city is a key destination for tourism and leisure and the new hotel is well located within the city centre.”