Nikal Funds New £38m Premier Inn Hotel in Birmingham, UK

Main Photo: The new Premier Inn – imagined

Date: November 2020

Location: Exchange Square, Central Birmingham, West Midlands, England, UK

Name: Premier Inn Birmingham Exchange Square – TBC

No. of Keys: 235

Seller:The site was a former car park next to the Mclaren office building, and is being developed by Nikal as part of their £350m Masshouse project.

Buyer: Nikal, the Manchester based developer,  has agreed a deal with LaSalle Investment Management to finance a £38m Premier Inn hotel in Birmingham.

The plans involve the construction of 15-storey 235-bed hotel with a 6,000 sq ft bar and Block Steakhouse restaurant, 5,000 sq ft of retail units and a 0.5-acre public square at Exchange 2 in Birmingham.

The hotel and restaurant have been pre-let to Whitbread, on a 25-year lease. Development director at Nikal, Darren Jones said: “We are so pleased to have concluded this deal bringing together willing stakeholders – Birmingham City Council, Whitbread, LaSalle Investment Management and our contractors McAleer & Rushe. We are delighted to see our vision and that of our architect, Stephenson Studio, come to fruition with this phase of Exchange Square completing in Autumn 2022.”

Head of long income at LaSalle Investment Management, Julian Taylor added: “We’re pleased to have completed this acquisition as we continue to target high-quality investments offering long-term, inflation-linked income streams to meet demand from clients with liability-matching investment strategies.”

Ian Ward, leader of Birmingham City Council said: “We’re delighted to welcome further investment in Birmingham. Exchange Square is an exciting £350m urban village and its location – directly opposite HS2 Curzon Birmingham – will position it as an important visual landmark for the hundreds of thousands of people expected to visit our city every day when HS2 opens in 2026.”

Investment: £38m

Price per Key: £161,702

THPT Comment: Brave man, the leader of Birmingham Council to quote a date of the opening of the HS2 rail project! Great news for this new Premier Inn.

First Seen: The Business Desk

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