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Premier Inn to sell and leaseback five hotels

By Becky Paskin , 24-Nov-2009

Premier Inn expects to raise £30m through the deal

Premier Inn expects to raise £30m through the deal

Whitbread is to market five Premier Inn hotels on a sale and leaseback basis, raising around £30m to further the group’s development plans

Whitbread is to market five Premier Inn hotels on a sale and leaseback basis, raising around £30m to further the group’s development plans.

 

Operating its 584 UK hotels on a predominantly freehold basis, Premier Inn will initially trial the concept with just five hotels as it explores alternative ways to raise development funds.

 

Mark Anderson, commercial & property director at Whitbread, said: “Whilst Whitbread remains committed to having a predominately freehold asset base, selectively using our property as an alternative source of funding to help us build our pipeline of new developments is something we wish to test.”

 

The deal, managed by BNP Paribas Real Estate, includes Premier Inns in Chester Leicester, Newcastle, Plymouth and Thurrock.

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