Premier Inn secures eight new sites
The deals, which are a mixture of office-to-hotel conversions, developer turnkey and new build schemes, will create 340,000 sq ft of new hotel and restaurant space and add a total of 774-bedrooms to Premier Inn’s portfolio.
The new sites are in locations across the country from Bromley to Beverley. Three new hotels are being added within London and the M25 – a key growth market for the business.
In total, the new sites have a capitalised lease value of more than £50m and will create approximately 400 new jobs on opening.
The eight development deals achieved are:
– Beverley – 79-bedroom Premier Inn as part of the Flemingate regeneration scheme.
– Bromley – a 130-bedroom Premier Inn at Westmoreland Road, part of the Bromley South Central regeneration scheme.
– Catterick – a 60-bedroom Premier Inn and Brewers Fayre at Catterick Garrison (Princes Gate).
– City of London – a 183-bedroom office-to-hotel conversion in EC3, just minutes from Monument underground station.
– Eastbourne – a 65-bedroom conversion of the art deco former Co-Op building at Terminus Road.
– Longbridge – a 75-bedroom hotel and Beefeater Grill as part of the £1bn regeneration of Longbridge town centre.
– Redditch – a 62-bedroom hotel and Beefeater Grill adjacent to the Abbey Retail Park.
– Sutton – a 120-bedroom Premier Inn at the Sutton Superbowl site on St Nicholas Way.
John Bates, Head of Acquisitions for Premier Inn UK & Ireland, said: “Premier Inn is one of the most active developers in the market today. In this latest financial year, we have added 40 new sites to our secured pipeline which is equivalent to 1.6 million sq ft of new commercial space. That’s an impressive achievement in anyone’s book and we intend to do the same again, every year, for the next three years as we deliver against our target of 65,000 Premier Inn bedrooms by 2016.”
Premier Inn currently has more than 47,000 bedrooms across the UK and over 10,000 bedrooms in its secured development pipeline.
John continues: “We’re achieving successful growth because of the strong customer demand for Premier Inn around the UK and, importantly, because we’re set up to deliver. We have many years of experience, offer the solidity of Whitbread financial backing, are fully flexible on the types of schemes we can make work and offer investment grade leases. This latest cluster of deals is great news for us, our partners and our customers – and there’s much more to follow during 2012.”
These deals include developer-led schemes where Premier Inn has contracted to take space for a new Premier Inn subject to planning permission being secured.
Whitbread, Premier Inn’s parent company, announced in its latest Trading Update to the City (28 February 2012) that it is creating 10,000 new jobs in the UK over the next three years as a result of the expansion of the Costa and Premier Inn brands.
