Merlin Entertainments will open a themed hotel next to its Legoland theme park in Windsor, UK.
The group has agreed a sale and leaseback deal with property investment fund Aprirose for the hotel, which is scheduled to open in time for Easter 2012.
The 150-bedroom, themed hotel is part of Merlin's £30m investment programme for the park, designed to turn it into short-break destination for families with young children.
The £18.5m deal with Aprirose covers the 2.7acre site on which the hotel will stand and does not include the theme park site itself, which remains part of Merlin's freehold portfolio.
Aprirose has granted Merlin an initial 35 year lease on the site, renewable for a further 35 years.
Merlin Entertainments' property and development director, Nick Mackenzie said: "The sale and leaseback deal allows us 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."
