JLL’s Alternative Investment Team has completed the acquisition of Park Inn Hotel and Conference Centre, Heathrow for AXA Real Estate. The property was sold by administrators Zolfo Cooper on behalf of Dania Properties Heathrow Ltd. The acquisition was achieved at an attractive yield of just sub 6% for the prime Heathrow site. This reflected a price of £72,000,000 for a lease with over 20 years unexpired.
The property comprises a large purpose built, 4 Star Hotel and Conference Centre arranged over part basement, ground and four upper floors. The hotel features 895 en suite guest rooms and the two conference centres can accommodate up to 700 delegates. Accommodation is arranged around a central spine and nine wings with parking for 450 cars. The tenant is undertaking a £13m refurbishment programme on the property.
Martin Le Grice, Director in JLL’s Alternative Investments team commented: “This was a unique opportunity to acquire a Hotel on a long term indexed linked lease, located on a prime 11.5 acre site adjacent to London Heathrow at a low capital value per bed.”
Savills advised Zolfo Cooper.
