Premier Inn’s largest non-Airport hotel is slated to open in London in early 2022 thanks to a £106m investment deal between property developer Rockwell and Aviva Investors.
Only the company’s Gatwick, Heathrow Terminal 4 and Heathrow Airport (Bath Road) properties will surpass the upcoming 30-storey property in size.
The Premier Inn will also be the largest central London hotel owned by Whitbread, Premier Inn’s parent company, which will be taking a 30-year lease on the hotel and restaurant.
The property will be on West India Dock Road, between Canary Wharf and Limehouse, where Rockwell also plans to add 66 new homes.
It will be designed by architects SimpsonHaugh, and will add 259 jobs to the area.
The deal for the London Premier Inn was facilitated on Rockwell’s behalf by American commercial real estate and investment firm CBRE.
Its director, Lewis Corby, commented: “We received strong investment demand, principally from institutional buyers. In the low interest environment, investors continue to be attracted to secure long dated, asset backed income. With 400 bedrooms, it is set to become the largest Premier Inn hotel in Central London.”
Meanwhile, Donal Mulryan, founder of Rockwell, added: “This is a landmark development and we are delighted to complete the £106m transaction with Aviva Investors.
“It’s been a pleasure to work with both Whitbread and Aviva to realise the delivery of this fantastic scheme, which will have a meaningful legacy for the surrounding area. This is an excellent template for bringing forward similarly high-quality developments in the future.”