Conygar Investment Company has completed the sale of a recently-opened hotel at Holyhead to IM Properties for £6.9m, reflecting a net initial yield of 4.7%.
Built by Triton Construction, the 80-bedroom hotel is the first Premier Inn on Anglesey.
The hotel is part of Parc Cybi, a 120-acre business park being brought forward by Conygar as part of the Anglesey Enterprise Zone. The wider site also has consent for a 30,000 sq ft office scheme and 109,000 sq ft of logistics warehouses.
Premier Inn has a 25-year lease on the building and opened the hotel last month.
Robert Ware, chief executive of Conygar, said: “We are pleased to have completed the sale of this development project on schedule. The funds generated by this disposal will be recycled within the Group and used in future acquisitions or the development pipeline.”