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(29 August 2022, 11:08 +07) Whitbread has acquired a prime freehold property just off Trafalgar Square on the Strand in central London.
Subject to planning, 5 Strand will become a hub by Premier Inn and will feature a Bar+Block steakhouse restaurant.
The hotel is expected to open in 2027.
Room at a hub by Premier Inn
The total investment of over £200 million, including construction and related costs, is being funded from Whitbread’s existing cash resources.
The purchase also underlines the Whitbread’s confidence in the hub by Premier Inn brand which was first introduced in 2014 and now has a total of 2,431 open rooms.
Hub by Premier Inn is designed for locations in major cities where property prices are relatively high but, thanks to its smaller room format, is still able to generate attractive long-term returns whilst providing affordable rooms for guests.
Alison Brittain, Whitbread’s CEO, 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.”
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