Date: April 2018
Location: Farringdon, London, UK
Name: Hub by Premier Inn
No. of Keys: 180
Seller: Blackstone, presumably as part of the 2016 sell-off when they sold 88 NCP car parks for £500m! to Davidson Kempner, the US Hedge Fund that aquired two Aora Hotels – Hilton London Heathrow and Arora Hotel Heathrow.
Buyer: Whitbread has won planning permission to create a 180-bedroom budget hotel as part of a mixed-use development in Farringdon, London.
The company has earmarked £35m for the redevelopment of the Bowling Green Lane car park site, which will become its eighth Hub by Premier Inn in central London.
It worked with development partner Endurance Land, Director Richard Rixson, to secure permission to build the compact hotel plus three 400 sq m restaurant/retail units and office space.
Planning permission was granted on appeal, with the Planning Inspector recognising that the mixed-use development would provide a significant contribution to business floorspace and would help meet increasing demand for hotel accommodation within easy reach of a major transport hub, Whitbread said.
“With the arrival of Crossrail, Farringdon Station will be the only London station with important connections to all four points of the compass. The redevelopment will make best use of this important site by providing high-quality business, hotel and retail space in very close proximity to the station,” said Whitbread development manager Owen Ellender.
The 100,000 sq. ft. mixed use scheme is perfectly positioned for Farringdon, Clerkenwell and Exmouth Market, and provides much needed hotel accommodation, high quality business premises and complementary retail / restaurant space.”
Endurance Land have a number of hotel partnership deals with Premier Inn and others – Quaker Street (105 apartments Hub Hotel with Whitbread) , Brick Lane (101/189 room Hub Hotel with Osprey Capital Partners), Minories (291 room Motel One with Aberdeen Asset Management), as well as office and residential projects.
Price per Key: £194,444
THPT Comment: Hub by Premier Inn is the brand’s city centre budget offering, which made its debut in 2014 in St Martin’s Lane. The compact bedrooms, which measure 11.4sq m, feature a desk that folds into a Hypnos bed, luggage storage under the bed, bathroom with power shower and 40in smart screen TV.
As well as seven existing properties in London, there are a further three in Edinburgh.
First Seen: The Caterer