Premier Inn offers 5 hotels in India for sale

A portfolio of seven Premier Inn hotels located in two of Thailand’s top destinations, Bangkok and Pattaya, as well as India’s most visited cities, New Delhi, Chennai, Bangalore, Pune and Goa, are being offered for sale through an international tender process with JLL Hotels & Hospitality Group. The tender for bids is scheduled from December 19 to 23, 2016. Owned by UK company Whitbread Hotels & Restaurants International, the portfolio offers two hotels in Thailand with a collective key count of 388: one property is located in the heart of Bangkok’s retail and entertainment precinct, Sukhumvit Soi 11, and is set to be completed in the first half of 2017; the other hotel is minutes away from Pattaya’s popular Second Road and enjoys close proximity to the town’s beaches, retail malls and famous Walking Street. Premier Inn’s India portfolio, comprising five hotels in prime locations in the nation’s best performing cities, will be among the largest hotel portfolios offered in India in recent times, with a total of 583 room keys. “Hotel portfolios with vacant possession, occupying prime central locations and of this scale are rare and hard to come by in the current market,” says Mr Mike Batchelor, Managing Director of Investments Sales, JLL Hotels & Hospitality Group, Asia. “There is an expected high level of interest from global, regional and domestic investors attracted to this opportunity as they are able to immediately rebrand the hotels to the operator of their choice upon purchase.” India continues to be ranked as one of the fastest growing economies in the world with a 2016 forecast GDP growth of 7.6 percent. On India’s growing hospitality investment sector, Paul Chakkrit, Senior Vice President, JLL Hotels & Hospitality Group, Asia, says, “Given that we are witnessing the beginning of an upcycle in the sector and renewed interest in Indian hospitality assets by global institutional investors, the Premier Inn opportunity of unencumbered income-generating assets in top Indian cities is sure to be keenly contested.”