Search
The Caterer

Whitbread to release £50m by selling and leasing back seven Premier Inn properties

11 August 2011 by
Whitbread to release £50m by selling and leasing back seven Premier Inn properties

Whitbread is to sell and lease back seven Premier Inn properties to release £53.8m for future projects.

The hotel and restaurant group has exchanged agreements with LaSalle Investment Management on a deal which is expected to be completed in September.

LaSalle will pay £53.8m for the properties and enter into 25-year leases with Whitbread.

Whitbread said the price represented a profit over book value of £28.1m and is 87% of the 2007 valuation ascribed to the properties.

Christopher Rogers, group finance director of Whitbread PLC, said: "Whilst Whitbread remains committed to having a substantial freehold asset base it is our strategy to diversify our sources of funds. This sale and leaseback is another example of selectively using our property as an alternative method of funding future growth."

Caterer and Hotelkeeper 100: Patrick Dempsey, Whitbread >>

London outlets drive sales at Whitbread >>

Premier Inn to feature soundproofed ‘floating' bedrooms in London hotel >>

By James Stagg

E-mail your comments to James Stagg here.

Tabletalk
Tabletalk
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs

Looking for a new job? Find your next job here with Caterersearch.com jobs

Blogs on Caterersearch.com ](http://www.caterersearch.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[E-newsletters](http://www.caterersearch.com/email-newsletters.htm)[ For the latest hospitality news, sign up for our E-newsletters
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!