LaSalle Investment Management has acquired a central London hotel from abrdn for £56 million ($74 million) on behalf of a U.K. custom account client.
The modern, 291-bedroom hotel is on the Minories, at Tower Hill in 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 after construction in 2014 and has an EPC rating of ‘A’.
“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-center location, with a long-term inflation-linked income stream, and leased to a leading European hotel operator,” said Sophie Simmonds, managing director, U.K. custom accounts at LaSalle.
