PRESS: Whitbread to sell 'swathe' of Premier Inn hotels
Whitbread PLC intends to sell ‘a swathe of Premier Inn hotels’ to support a potential shareholder return of around £1.5 billion, the Times reported on Saturday evening.
The Dunstable, Bedfordshire-based firm currently owns around 50% of Premier Inn freeholds.
‘It is understood that this will be reduced to 40% under changes to the company’s five-year plan, due to be unveiled alongside its annual results announcement on Thursday,’ the Times said.
Whitbread is expected to announce plans this week to sell or lease back one in five of its freehold hotel properties. If it follows through, the firm would become a majority leasehold business for the first time since 1987, when the Premier Inn chain was founded.
The Times cited ‘City sources’ who expect the move, alongside other initiatives to increase cashflow, ‘would release about £1.5 billion that could then be returned to shareholders.’
It said a Whitbread spokesperson declined to comment on the matter.
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