Main Photo: The new 400 room Premier Inn – imagined
Date: January 2020
Location: Westferry DLR Station, London Docklands, UK
Name: Premier Inn – opening 2022
No. of Keys: 400
Buyer: Aviva Investors has acquired the freehold interest of a site in London through its Lime Property Fund for £106 million ($130 million/€124 million).
It is located next to Westferry DLR station. And developer Rockwell will build a 30-story Premier Inn Hotel on the site. Rockwell is a London-focussed mixed-use developer.
Whitbread, Premier Inn’s parent company and one of the United Kingdom’s largest hospitality companies, will take a 30-year lease of the hotel and restaurant, which will become the brand’s largest hotel in central London.
“This notable acquisition further demonstrates our proven track-record and supports our ambitious plans for the London hotel sector with the creation of more than 2,500 hotel rooms. In partnership with Whitbread, we are proud to deliver a landmark hotel that stands the test of time,” said Donal Mulryan, Rockwell’s founder.
The development is scheduled for completion in early 2022.
The Lime Property Fund is a long-income real estate fund with a net asset value of £2.7 billion ($3.5 billion/€3.2 billion), as at December 2019. The fund has capital to invest and is targeting property investments that provide inflation-linked or fixed-rental uplifts let to strong tenants on leases of at least 15 years, cross sector, U.K.-wide.
Price: Development of the hotel and 66 residential properties is thought to be £151m
THPT Comment: Onwards and upwards for Whitbread, now with over 800 UK hotels and 76,000 rooms!
First Seen: Institutional Real Estate
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.