Whitbread acquires freehold of 35 Red Lion Square in Central London
- UK’s largest hotel business acquires HQ building for its hub by Premier Inn brand
- Whitbread plans to repurpose and adapt the building converting it to a budget hotel
- Acquisition is part of Whitbread’s commitment to expanding its brands in London
Whitbread Plc, the parent company of Premier Inn, the UK’s largest hotel brand, has acquired the freehold of 35 Red Lion Square, WC1 for conversion into a hub by Premier Inn hotel.
The prime property, which is in a prominent location on the junction of Theobalds Road, Drake Street and Red Lion Square, was purchased from the Royal College of Anaesthetists (RCoA) for an undisclosed sum.
Set over eight storeys and comprising 47,500 sq ft, the building has been the headquarters of the professional body responsible for the speciality of anaesthesia since 2006.
Whitbread sees the potential for a hub by Premier Inn hotel of around 150-bedrooms at the highly accessible location as part of its London growth plan.
Jonathan Langdon, Senior Acquisitions Manager, Whitbread, commented:
“hub by Premier Inn has been a huge success for Whitbread since we launched the brand in 2014. From a standing start we now offer our guests a choice of eighteen great locations, fifteen of which are in London, and see huge potential for the brand in the years ahead.
“The first site we ever opened was an office-to-hotel conversion on St Martin’s Lane in Covent Garden. We have completed many successful office-to-hotel conversions since, and we intend to bring this experience and track record to the redevelopment of 35 Red Lion Square.
“Converting buildings that may no longer meet the needs of modern office occupiers into hotels, has enabled us to take hub by Premier Inn to many of London’s most exciting areas, at the same time as growing our estate in an environmentally conscious way in line with Whitbread’s Force for Good sustainability strategy.
“With 35 Red Lion Square now under Whitbread’s ownership, I’m looking forward to working with the planning team at Camden Council on our plans to retrofit and extend the existing building, and ultimately channel the wide benefits of a hotel in this location to the local community.”
Whitbread’s acquisition of 35 Red Lion Square is part of the company’s commitment to expanding its presence in the popular London market where a significant proportion of Premier Inn’s future pipeline is located. The company is actively searching for 40 locations for Premier Inn and hub by Premier Inn within the M25.
hub by Premier Inn hotels are designed for locations in major cities where property prices are relatively high but, thanks to its smaller room format, is still able to generate attractive long-term returns whilst providing affordable rooms for guests. The hotels range in size from a 60-bedroom hub by Premier Inn at Bank in the City of London to a 690-room hub at 5 Strand which is due to open in 2028.
Whitbread was advised on the acquisition of 35 Red Lion Square by Frame Real Estate Partners. The Royal College of Anaesthetists was advised by Newmark.
Notes to editors
As part of its Force for Good sustainability strategy, Whitbread has commitments to reduce its Scope 1 and 2 carbon emissions intensity by 84% by 2030 and by 99% by 2040. For Scope 3 carbon emissions, the company proposes to reduce its Scope 3 carbon emissions intensity by 58% by 2030 and 90% by 2050. Further details can be found at https://www.whitbread.co.uk/sustainability/.
