Legal & General Investment Management has appointed Cushman & Wakefield to market two London Premier Inn hotels for £45.87m.
The first, at London Stansted Airport, has 303 bedrooms and is being marketed for offers over £34.87m. It has 13 years to lease expiry with annual CPI-linked rent reviews, and a low passing rent of £7,372 per room, delivering a net initial yield of 6%.
The second hotel is in Tottenham Hale, N17. The 96-bedroom hotel is being marketed for offer of more than £11m. It has 17 years to lease expiry with five-yearly CPI-linked rent reviews, and a passing rent of £6,306 per room.
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