LaSalle acquires Motel One hotel in Tower Hill for £56m

LaSalle Investment Management, a global real estate investment manager, has acquired a central London hotel from abrdn for £56m on behalf of a UK client.Motel One London Tower Hill is a modern, 291-bedroom hotel situated on the Minories, at Tower Hill in the City of London. 

The hotel is let to Motel One, a European hotel operator, on a long-term inflation-linked lease. 

The building achieved a BREEAM ‘Excellent’ rating on its construction in 2014 and has an EPC rating of ‘A’.

Sophie Simmonds, managing director, UK Custom Accounts at LaSalle, said: “We are delighted to add this acquisition to our client’s growing portfolio. 

“The hotel meets our objectives, being a high-quality asset with strong sustainability credentials, in a fantastic city-centre location, with a long-term inflation-linked income stream, and leased to a leading European hotel operator.”