CBRE GI buys Park Plaza Waterloo Hotel

CBRE Global Investors has acquired the Park Plaza Waterloo hotel, SE1, in a club deal for its pension fund investors. The PPHE Hotel Group has committed to a £160m sale and leaseback through Waterloo Hotel Holdings BV. The initial rent will be £5.6m pa. The Park Plaza hotel, on Hercules Road, is a newly completed hotel with 494 bedrooms, restaurants, swimming pool, fitness centre, spa and business centre. Michael Ness, head of UK, CBRE Global Investors, said: “This bespoke deal has been created as a club deal to suit the specific requirements of ten of our pension fund clients. These clients are seeking long-term investments with inflation-linked income derived from prime assets, and we would expect this to be held long-term. “This is an attractive investment opportunity in the heart of London on a site with high residual value but also leased to a major global hotel operator. We feel that we have acquired an asset that will provide our clients with a robust and reliable income stream over many years.” To send feedback, e-mail Shekha.Vyas@egi.co.uk or tweet @shekhaV or @estatesgazette