Hammersmith hotel and pub to be sold for more than £10 mln. (UK)

Metrotel has appointed Gerald Eve to sell the landmark Premier Inn Hammersmith Hotel and Ravenscourt Arms Public House for more than £10 million (approx. €11.6 million).

Premier Inn_Hammersmith

The former office tower was converted to a 119-bedroom Premier Inn.

Located at 255-257 King Street, London, W6, the prominent former office tower was converted to a 119-bedroom Premier Inn over basement, ground floor and 13 upper storys. The Ravenscourt Arms is a Punch Taverns two-story busy public house attached to one side of the hotel.

There are 19.6 years unexpired on the lease to Premier Inn Hotels and additional income from the Ravenscourt Arms pub and from Orange for telecommunications equipment. The total rental income is £657,895 per year. Offers are sought in excess of £10 million, which reflects a net initial yield of 6.21%.

Gerald Eve leisure partner Nick Barber who is advising on the sale said: "Recently the market has demonstrated a strong appetite for this kind of well let and well located hotel property both from institutions and private investors."

Source: MJ2 Limited

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