Belfast Premier Inn on sale for almost £10m
A Belfast city centre hotel has gone on the market for nearly £10m.
The Premier Inn on Alfred Street has 148 rooms and is let to the hotel group, part of Whitbread plc, for over £520,000 per year and has been put on the market by its property investor owner.
Selling agents CBRE said they were seeking offers of £9.93m, almost £1m more than the Premier Inn in the Cathedral Quarter was advertised for in 2013.
Gavin Elliott, senior director, capital markets at CBRE NI, said: “The Premier Inn on Alfred Street represents one of the larger hotel investments to come to the market in Northern Ireland over the past year.
“The property is well let to Premier Inn Hotels Limited with a Whitbread Group plc guarantee providing an unexpired lease term of over 15 years and the additional benefit of indexed linked rent reviews.
“The property boasts a prime city centre location in Belfast’s Linen Quarter, so we expect there to be strong interest in this long-leased hotel investment.
“The Northern Ireland hotel market in general is in a strong place as we enter into the second half of the year. Leisure demand has increased month-on-month in 2022, benefitting from the return of international visitors in recent weeks as well as corporate guests.”
Premier Inn’s lease provides for rent increases every five years, which could mean its average rent goes up to £620,000 per annum, according to a sales brochure for the hotel.
