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Wednesday, March 28, 2024

Semple Fraser advise Land Securities on acquisition of hotel portfolio

Semple Fraser recently acted in Scotland for Land Securities Trillium on the acquisition of a portfolio of hotels from Accor S.A., the fourth largest hotel operator in the world.

The portfolio comprises 30 hotels, representing approximately a third of the hotels currently owned or operated by Accor in the UK. The transaction consideration was 439m with a commitment to contribute around 35m of capital over four years towards property improvement works.

Semple Fraser acted in conjunction with Nabarro Nathanson in relation to the Scottish part of the portfolio, comprising 2 hotels in Glasgow and 1 in Edinburgh, for a value of around 20m.

LST will lease each hotel back to Accor on 84-year leases, which will include 12 year rolling tenant breaks, while retaining responsibility for the lifecycle maintenance of the core fabric of the buildings. The 30 hotels, which are operated under the IBIS two-star and Novotel three-star brands, are located in established city centre locations or near international airports across the UK.