Plans for a new Premier Inn within the former Derrys department store at the Plymouth Cross development have been revealed .
The budget hotel brand has agreed a 25-year lease for a 110-bedroom property on the upper floors of the £50m redevelopment of the former Derrys site, which is being funded by European Property Investors Special Opportunities 4 (EPISO 4), an opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, and Thames Bank Property.
The Plymouth Cross project, which received full planning consent in August 2016, involves remodelling, extending and refurbishing the building to create around 75,000 sq. ft. of retail and leisure space, and a 500-bedroom student accommodation block. There are also plans to bring Premier Inn's Thyme restaurant concept to the site and the two are expected to open at the end of 2018.
Colin Morris, managing director of Thames Bank Property, said: "I am delighted that Premier Inn has chosen Derrys for their central Plymouth hotel and their commitment for 110 hotel rooms and the Thyme restaurant means that approximately half of the retail/leisure space is let or pre-let."
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