Merlin Entertainments has announced it is to build a new £18.5m hotel next to its Legoland theme park in Windsor.
Having agreed a sale and leaseback deal with property investment fund Aprirose, the theme park operator is now set to commence work on the 150-bedroom themed hotel, which is set to open at Easter 2012.
The hotel, which will be built on a 2.7 acre site, is part of a £30m investment programme for the park that will transform legoland into a short-break destination for families.
Nick Mackenzie, Merlin’s property and development director, said: “We are delighted to be working with Aprirose. The benefits of a sale and leaseback over other forms of financing for the new Legoland Windsor hotel are potentially very significant. It allows Merlin to continue our day to day business and investment plans exactly as before, without increasing our debt burden; freeing up operational cash to support other plans, and demonstrating a better return on capital.”
A spokesperson for Aprirose said Merlin’s plans for the hotel are ‘very exciting’.
Legoland Windsor Hotel will be the fourth in the UK for Merlin, which also operates two sites at Alton Towers and one at Chessington World of Adventures.