28th Feb 2020 09:45
(Alliance News) - Premier Inn-owner Whitbread PLC on Friday said that it has acquired 19 hotels in Germany for an undisclosed sum.
The FTSE 100-listed company said it bought the 19 hotels from Foremost Hospitality Group GmbH. The acquisition includes 13 trading leasehold hotels, comprising 2,140 rooms, and six committed pipeline leasehold hotels, comprising 970 rooms.
Whitbread Chief Executive Alison Brittain said: "The completion of the Foremost acquisition marks an important milestone as we execute our ambitious growth plan for the Premier Inn brand in Germany. This acquisition significantly increases our scale in Germany, taking our presence to 19 open hotels and a pipeline of 33 more across the largest cities in Germany".
Shares in Whitbread were down 5.1% at 3,865.00 pence each in London on Friday morning.
By Tapan Panchal; [email protected]
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