REG - Whitbread PLC - Major freehold purchase in central London

WhitbreadAnnouncement

24/08/2022 08:00

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RNS Number : 0414X  Whitbread PLC  24 August 2022

 

Major freehold purchase in central London

 

 

Whitbread PLC ('Whitbread' or 'Group') is pleased to announce that it has
acquired a prime freehold property on the Strand in central London, located
just off Trafalgar Square.  Subject to planning, 5 Strand will become the
latest hub by Premier Inn hotel in the estate and is expected to open sometime
during 2027. The purchase and development are being funded from the Group's
existing cash resources and will also include one of the Group's popular
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.

 

The purchase also underlines the Group's confidence in the hub by Premier Inn
brand. The brand was first introduced in 2014 and now has a total of 2,431
open rooms which performed strongly in FY22 and continue to score highly with
our guests.  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, CEO, commented:  "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."

 
For more information please contact:

Investor Relations -  Whitbread
 
 
     investorrelations@whitbread.com
(mailto:investorrelations@whitbread.com)

Peter Reynolds, Director of Investor Relations
                          peter.reynolds@whitbread.com

Abigail Cammack, Investor Relations Manager
                    abigail.cammack@whitbread.com

Sophie Nottage, Investor Relations Manager                                                  sophie.nottage@whitbread.com

 

Media - Tulchan
 
          whitbread@tulchangroup.com

Jessica Reid / Alison Lygo                                                                                              +44 (0) 20 7353 4200

 

 

 

 

 

 

 

 

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