Main Photo: Phase one of Exchange Square
Date: February 2019
Location: Exchange Square in The Priory Queensway, Birmingham, West Midlands, UK
Name: Premier Inn Birmingham
No. of Keys: 225
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: Developer Nikal agreed a lease deal with budget hotel group Premier Inn, owned by Whitbread, to build a 225-bedroom, 13 storey venue at its Exchange Square scheme
A major new residential complex on the doorstep of the planned HS2 terminal in Birmingham city centre, alongside the Premier Inn.
The hotel and Bar + Block steakhouse restaurant will be part of the second phase of Exchange Square in The Priory Queensway.
The first phase of the scheme contains 603 apartments to rent with ground floor commercial units across three buildings, the first of which is due for handover this month.
Revised plans for phase two were unveiled in December when Nikal announced a new £77 million forward funding deal with listed residential landlord Grainger.
This will contain 373 apartments to rent, commercial units and now the new hotel with formal plans due to be lodged with the city council shortly.
Although final details are yet to be announced, Nikal said in December the residential tower could be around 35 storeys.
The hotel is expected to create 90 new jobs when it opens in 2021, subject to planning approval of the project.
The new HS2 station, which is due to welcome trains from 2026, is being built in nearby Curzon Street and Exchange Square is one of the first things passengers arriving from London will see when they alight the service.
More new hotels coming to Birmingham, include the £40m Maldron hotel development (330 rooms) to open near the Mailbox, to supplement the Hotel La Tour which Irish Group Dalata bought in 2018 and now runs as a Clayton Hotel….
Beorma Quarter developer Salhia Investments, thought to be branded as Adagio apart-hotel with work due to start very soon, after serious delays dating back to 2009….
the Louisa Ryland House conversion from former Birmingham City Council office block, owned by Euro Property Investments, to be operated by Native with a 173 aparthotel….
and the Covivio and Horton Estates refurb plan for the famous Grand Hotel site in Colmore Row, due to open in 2019.
Stuart Rose, regional acquisition manager for the Midlands at Premier Inn, said: “Securing a new Premier Inn at Exchange Square is a very exciting deal for Whitbread.
“It will be our first new-build hotel in Birmingham city centre and an excellent opportunity to showcase the quality of a latest generation Premier Inn hotel and Bar + Block restaurant in a prominent and central location.
“The deal at Exchange Square is part of our wider acquisition drive in Birmingham.”
Darren Jones, development director with Nikal added: “It’s fantastic to have Whitbread on board and this agreement puts us in a strong position to submit our revised planning application for phase 2.
“Exchange Square sits within the Curzon Masterplan – an area benefiting from over £900 million of investment and expected to create 600,000 sq metres of employment space, 36,000 new jobs and 4,000 new homes.
“These new proposals reflect Exchange Square’s importance as a hub for those working or visiting the city.”
Law firms Eversheds and DWF acted on the deal.
THPT Comment: Wow some serious hotel growth in the centre of Birmingham, especially in the serviced apartment/aparthotel space.
First Seen: Birmingham Mail
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