HVS Europe Hotel Transactions Bulletin - Week Ending 25 March 2022

PITCH acquires Premier Inn hotel in Leeds, UK, from Town Centre Securities

UK real estate investment manager Mayfair Capital’s fund, Property Income Trust for Charities (PITCH), has acquired the Premier Inn hotel in Leeds in the north of England, from UK REIT Town Centre Securities (TCS), for £16 million (£118,000 per room), representing a reported net yield of 4%. The 136-bedroom property is let to Premier Inn Hotels Ltd until 2042, with a guarantee from its owner Whitbread Plc, subject to indexed rent reviews. The purpose-built eight-storey hotel was constructed in 2017 and features a restaurant and a bar.

Neal Khanna acquires the Hunton Park Hotel, Watford, UK, from Serani Hotels

UK entrepreneur Neal Khanna has acquired the Hunton Park Hotel in Watford, located 30 kms north-west of London, from UK-based Serani Hotels, off a guide price of £16 million (£258,000 per room). The 62-room country estate was acquired for renovation, with £3 million allocated to enhance the property. The hotel, which sits on 22-acres of land just outside of Watford, will be renamed as The Hunton Park. The asset will continue to be managed by UK hotel operator Countrywide Hotels, who also manage Neal Khanna’s other hotel interest, the 100-room Denham Grove Hotel in Buckinghamshire.