LaSalle To Buy Premier Inns In £54M Deal

U.K. hotel and restaurant group Whitbread has signed a £53.8 million contract with LaSalle Investment Management.

U.K. hotel and restaurant group Whitbread has signed a £53.8 million contract with LaSalle Investment Management, The Wall Street Journal reports. The agreement is for the sale and leaseback of seven properties operating as Premier Inns and adjacent restaurants.

LaSalle will pay £53.8 million in cash for the properties and enter into 25-year leases with Whitbread, who will continue to manage the assets. The properties in the portfolio include the Sandhurst Premier Inn and ‘Rackstraw Farm’ Beefeater Grill, Camberley, as well as the Harlow Premier Inn and ‘Harlow Mill’ Beefeater Grill, Harlow, adds Property Week.

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