LondonMetric Acquires 5 Premier Inn Hotels for $60M

LondonMetric Property has announced the acquisition of five Premier Inn hotels from Whitbread PLC for £44.4 million (around $60 million).

This deal is part of a larger portfolio transaction totaling £78.5 million (around $106 million) in triple net lease (NNN) assets spanning several acquisitions.

The five Premier Inn properties, located across England, collectively offer 446 rooms: Chatham Gillingham Victory Pier (80 rooms), Exeter Central St. David’s (102 rooms), Southampton Cumberland Place (146 rooms), Penzance (61 rooms), and Witney (57 rooms).

The acquisitions add approximately £4.6 million (around $6.2 million) annually in rental income and carry a weighted average unexpired lease term (WAULT) of 23 years.

LondonMetric’s portfolio now includes around 80 hotels across various economy and midscale brands.

Among the recent acquisitions in travel are also Japan’s JTB acquiring Northstar Travel Group, MCR Hotels buying Soho House, and OYO acquiring Airbnb management platform MadeComfy.

Photo by the blowup on Unsplash