Schroders has acquired the Sofitel Gatwick North Terminal on behalf of a joint venture between BAE Pension Funds, and Immobilien Europa Direkt, an investment vehicle of Zurich Investment Foundation managed by Schroders.
The Sofitel marks the 9th hotel transacted by Schroder Real Estate following the successful integration of specialist hotel investment management platform, Algonquin Management Partners, acquired in May 2018. The transaction takes hotel assets under management to 51 assets, c.10,000 bedrooms, and a value of £2bn.
Occupying a prime location with direct access into the airport terminal, the hotel comprises 518 bedrooms with 565 parking spaces, five food and beverage outlets, 11 meeting rooms and 5,000 sq ft of office accommodation.
The hotel will continue to be operated by the previous owner, Arora Hotels, under a lease which provides a long term income from one of the leading hotel operators in the United Kingdom.
Gatwick Airport has experienced strong growth in passenger numbers in recent years and is expected to enjoy further growth in numbers over the next five years, boosted by the ongoing trend of increased global travel, as well as significant investment from the airport’s owners.
Source : Company