Whitbread Buys 19-Hotel Portfolio in Germany.
M2 EQUITYBITES-March 2, 2018-Whitbread Buys 19-Hotel Portfolio in Germany
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2 March 2018 - UK-based hotel, coffee shop and restaurant company Whitbread plc (LSE: WTB) has acquired a portfolio of 19 hotels in Germany from Foremost Hospitality Group GmbH, for an undisclosed sum, the company said.
Whitbread said the deal an important step in scaling its business internationally.
This acquisition will give Premier Inn substantial presence in the German hotel market, increasing the total committed network pipeline to 31 hotels with over 5,700 rooms across 15 key cities that are all expected to be open by the end of 2020.
Whitbread said it will continue to explore options to further accelerate growth in Germany, through a mix of freehold property developments, leasehold sites and acquisitions of small existing hotel portfolios.
This acquisition mirrors the strategic opportunity that we identified with Costa in China, where we recently bought out Costa's South China joint venture partner.
The acquisition in Germany includes 13 leasehold hotels (comprising 2,140 rooms), which are already open and trading, and six committed pipeline leasehold hotels (comprising around 970 rooms), the majority of which will open over the next two years.
Premier Inn currently has one hotel open in Frankfurt and a further eleven hotels in its committed pipeline across key cities in Germany, having recently secured an additional organic development in Munich for 216 bedrooms.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Mar 2, 2018|
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