The 408-room Travelodge London Kings Cross Royal Scot has been acquired by Hong Kong-listed Magnificent Real Estate for GBP70.3m, seen as a sign that the post-Brexit market is offering opportunities to overseas investors.

According to the management, the hotel property was valued after the EU departure decision to be the same as the purchase price.

An unnamed Malaysian investor has also acquired the Bay Glenburn Hotel on the Isle of Bute, indicating that regional tourism is still seen as a solid investment.

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