Urban&Civic has sold the recently completed Hampton by Hilton hotel at London Stansted Airport to Legal & General for £48.3m.
An additional sum of up to £1.1m will be paid to property company Urban&Civic by financial services company Legal & General, depending upon operational performance over the next two years.
The 357-bedroom hotel, operated by Interstate Europe Hotels & Resorts, opened for trading in late July and is the largest Hampton by Hilton in Europe.
Urban&Civic said initial occupancy levels and achieved room rates were running above pre-opening forecasts.
Tom Roberts, head of strategic investment and regeneration at Legal & General, said that the hotel's occupancy since opening had been very encouraging. "The fundamentals of this hotel speak for themselves - being the closest hotel to Stansted airport's security gate, it offers absolute convenience to its guests. The high quality of the new development and the Hampton by Hilton brand, under which the hotel operates, were also major factors in our investment considerations.
Nigel Hugill, chief executive of Urban&Civic, added: "The sale of Stansted represents an obviously strong outcome for the group but the core reason for establishing Urban&Civic was to provide new housing choices and accelerate supply through Master Development. That involves creating environments in which people actively want to live and a delivery structure that encourages speed and quality from those housebuilders looking to expand output. "
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