DUNSTABLE (dpa-AFX) - Whitbread plc (WTB.L) said that it has acquired a portfolio of three independent hotels in Germany, from a private individual operating under the brand 'Acomhotel', for undisclosed terms.
Whitbread said it expects return on capital from the acquisition to be above its weighted-average cost of capital.
The portfolio consists of two leasehold hotels that are open and trading, in Nuremburg and Munich, with the right to purchase the freehold in seven and 13 years respectively. A further leasehold hotel is under construction, in Stuttgart. The three locations together comprise 482 rooms.
Whitbread noted that the hotels will continue to trade under the current 'Acomhotel' brand until refurbishment work is completed. Once converted, the hotels will be relaunched as Premier Inn hotels, which is expected to be in early 2020.
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