A new hotel planned for Pitlochry has been acquired by a specialist property investor.
The LXi real estate investment trust has acquired the Premier Inn in a forward-funding deal, used in the property sector to support the construction of new projects.
The hotel has been pre-let to Premier Inn on a new 25-year lease which will kick in when building work is completed.
Premier Inn is the UK's largest hotel brand, operating over 72,000 rooms across 785 hotels. Parent firm Whitbread last year flagged that it was looking to open new hotels in locations including Pitlochry.
The hotel site is one of six acquisitions announced by LXi today with a total investment of £55 million. The other investments include new Lidl stores in Cornwall and Greater Manchester.
LXi said the acquisitions mean it has now fully deployed the proceeds of a £200 million fundraising announced last month.
Simon Lee, partner of LXI REIT Advisors, said: “We are pleased to have deployed fully, swiftly and prudently the net proceeds of the company's recent £200 million capital raise in attractively-priced, secure and index-linked assets that are diversified by strong tenant covenants across robust property sectors, which we anticipate will deliver further value for our shareholders.”
Earlier this year one of Premier Inn’s Edinburgh hotels became the first in the UK to be powered by battery.
The Gyle Premier Inn at Edinburgh Park installed a five-tonne battery to be charged from the grid in off peak periods
