23rd Sep 2019 13:26
(Alliance News) - Whitbread PLC said Monday it has acquired a portfolio of three hotels in Germany operating under "Acomhotel" brand for an undisclosed sum.
Shares in the FTSE 100 listed hospitality firm were down 1.7% at 4,412.56 pence on Monday.
The portfolio consists of two leasehold hotel which are open and trading in Nuremberg and Munich, with the right to purchase the freehold in seven and 13 years respectively. The third hotel is currently under construction in Stuttgart.
The three hotels, which together comprise 482 rooms, were bought from a private individual, Whitbread said.
All three hotels will continue to trade under the Acomhotel brand until refurbishment work is completed. Once converted, the hotels will be relaunched under the Premier Inn hotels, which is expected to be in early 2020.
"Today's announcement marks another important step in our ambitious growth plan for Germany, as part of our strategic priority to focus on our strengths to grow internationally. We have accelerated our investment in Germany through a mix of organic expansion, supported by focused and ongoing M&A activity," said Mark Anderson, managing director of Whitbread's Property & International division.
"We are building a strong counterparty reputation in Germany in freehold and leasehold property transactions, as well as facilitating exit for independent operators," Anderson added.
By Dayo Laniyan; [email protected]
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