Urban&Civic sells Stansted Airport hotel for £49.4m
Source - SMW
Urban&Civic has sold the recently-completed Hampton by Hilton hotel at Stansted Airport to LGIM Real Assets for a minimum consideration of £48.3m.
An additional sum of up to £1.1 million will be paid to Urban&Civic, depending upon operational performance over the next two years.
The new hotel opened for trading in late July 2017 and is one of only two that are on-terminal at Stansted.
Initial occupancy levels and achieved room rates are running above pre-opening forecasts, Urban&Civic said.
At 8:25am: (LON:UANC) Urban Civic Plc share price was +2.5p at 267.5p