LaSalle Investment Management has bought a central London hotel from abrdn for £56 million on behalf of a UK Custom Account client.
The 291-bedroom propertyis situated on the Minories, at Tower Hill in the City of London. The hotel is let to Motel One – the European hotel operator – on a long-term inflation-linked lease. The building achieved a BREEAM ‘Excellent’ rating on its construction in 2014 and has an EPC rating of ‘A’.
LaSalle was advised on the transaction by Kimmre. abrdn was advised by JLL
What they said
Sophie Simmonds, managing director, UK Custom Accounts at LaSalle, said: “We are delighted to add this acquisition to our client’s growing portfolio. The hotel meets our objectives, being a high-quality asset with strong sustainability credentials, in a fantastic city-centre location, with a long-term inflation-linked income stream, and leased to a leading European hotel operator.”