LaSalle Investment Management has acquired a 291-bed hotel located in the City of London from abrdn for £56m.
LaSalle purchased the hotel, which is let to European hotel operator Motel One on a long-term inflation-linked lease, on behalf of a UK custom account client.
The modern hotel is situated on the Minories at Tower Hill and the building achieved a BREEAM Excellent rating on completion of its construction in 2014.
Sophie Simmonds, managing director of UK custom accounts at LaSalle, said: “We are delighted to add this acquisition to our client’s growing portfolio. The hotel meets our objectives, being a high-quality asset with strong sustainability credentials, in a fantastic city-centre location, with a long-term inflation-linked income stream and leased to a leading European hotel operator.”
LaSalle was advised on the transaction by Kimmre and abrdn was advised by JLL.
