WHITBREAD COMPLETES TWO SALE-AND-LEASE-BACK PREMIER INN DEALS IN LONDON
Whitbread has completed two sale-and-leaseback transactions in London. The group has sold a 339-room hub by Premier Inn development in Westminster to M&G Investments for approximately £102 million (£301,000 per room) in exchange for a 25-year lease agreement. The hotel, on Tothill Street, is expected to be completed in October 2017. Additionally, Whitbread has also sold its 326-room Premier Inn project in Farringdon to Aviva Investors for approximately £103 million (£316,000 per room), also for a 25-year lease. The Farringdon Hotel is expected to be finished in December 2018.