(Sharecast News) - Premier Inn owner Whitbread has bought a prime freehold property on the Strand in central London, located just off Trafalgar Square, for over £200m.
Subject to planning, 5 Strand will become the latest hub by Premier Inn hotel in the estate and is expected to open in 2027, the company said on Wednesday.
The purchase and development are being funded from existing cash resources and will also include one of the group's Bar+Block steakhouse restaurants.
"With a total investment of over £200m, including construction and related costs, this development reflects Whitbread's commitment to continue to invest in expanding its presence in the popular London market where a significant proportion of Premier Inn's future pipeline is located," it said.
Chief executive officer Alison Brittain said: "I'm delighted that we've been able to acquire this iconic location, which is set to become our latest hub by Premier Inn hotel. It is in a prime position and is perfect for the hub brand which is continuing to perform well.
"The purchase reinforces our confidence in the long-term potential of the London market, the hub by Premier Inn brand and the growth prospects of our UK business."
Whitbread (WTB)
