Legal & General Property's Leisure Fund has secured a pre-let to Travelodge on its development site at Coliseum Leisure Park in Cheshire Oaks.
Work will start this month on a four-storey, 77-bed hotel above 7,000 sq ft of restaurant units with completion scheduled for summer 2012.
The hotel was pre-let to Travelodge on a 25-year lease. The restaurant space will be divided into two units of 3,000 sq ft and 4,000 sq ft.
LGP is aiming to make the hotel the first BREEAM 'excellent' Travelodge in the UK. The development site is next to the Prezzo restaurant unit on a cleared 0.25-acre site.
In a separate deal on the existing Coliseum Leisure Park, LGP has signed Liverpool FC to open one of its Boot Room Sports Cafés in a 5,500 sq ft unit.
The Leisure Fund has £230m of assets under management as of March 2011. Andrew Ferguson, fund manager to LGP's Leisure Fund, said the deal proved there is still "significant value to be found in the leisure sector".
Tony O'Brien, UK development director for Travelodge Hotels, said: "We trade very well at other major shopping centres throughout the country, such as The Trafford Centre and Sheffield Meadowhall, and have long identified Cheshire Oaks as a destination where we would like a hotel. The adjacent Coliseum Leisure Park is a perfect location for our customers, with its great leisure offering, so we are naturally delighted to have agreed terms with Legal & General Property."
Jones Lang LaSalle is the acting agent on the park. Travelodge was advised by Whitestone Retail & Leisure.