The Cardiff office of DTZ, a UGL company has successfully acquired three sites across South Wales on behalf of Premier Inn, the UK’s largest hotel chain.
The three sites are located on 54 High Street in Newport (60 bedrooms), The Triangle Site in Barry (80 bedrooms and a family pub) and The Gatehouse Development in Tenby (61 bedrooms).
The acquisitions form part of Whitbread, Premier Inn’s parent company, aim to increase the 49,000 Premier Inn bedrooms across the UK today to 65,000 open and trading by 2016.
DTZ was appointed by Premier Inn in early 2011 to acquire all of Premier Inn’s hotel and restaurant sites across Wales. Despite difficult market conditions Premier Inn’s strong covenant strength and long lease commitments have been very attractive to developers. This has created a platform for Premier Inn to acquire accommodation that previously wouldn’t have been considered for their use. Premier Inn also has a preference to purchase a number of their sites on a freehold basis and with the funding available to do so, this acquisition route has proved successful in the current climate.
Andrew Gibson, Senior Surveyor at DTZ in Cardiff commented: “Premier Inn identified the South West and Wales as a key market for growth and we are delighted to have been involved these deals, taking them closer to their target of 65,000 Premier Inn bedrooms by 2016. In addition to these acquisitions we are also in advanced discussions on a number of other sites, striving to deliver Premier Inn a hotel in all of their required locations.”
The Premier Inn and Brewers Fayre Family Pub in Barry opened on the 8 October 2012, whilst the hotels in Newport and Tenby are due to be completed towards the end of 2013.