Hotel deal for HS2 site
Property developer Nikal has agreed a 25-year deal with Whitbread to operate a 225-bedroom hotel on a site opposite the planned HS2 station in Birmingham city centre.
The 13-storey development at Exchange Square will have a Premier Inn hotel and 6,000 sq ft Bar + Block Steakhouse restaurant.
It will be delivered as part of the second phase of work at the site and a revised planning application will be submitted shortly. The proposals will also include two other large units for retail or leisure.
Residential landlord Grainger has previously agreed to forward fund and acquire a 373 home development within phase two.
Phase one, of three buildings up to 27 storeys tall, is currently under construction and includes 603 rental apartments and 30,000 sq ft of retail and leisure space. The first of the three towers is due for handover this month.
Nikal’s development director Darren Jones said: “This agreement puts us in a strong position to submit our revised planning application for phase two.
“These new proposals reflect Exchange Square’s importance as a hub for those working or visiting the city.”
Exchange Square sits within the Curzon Masterplan, with the zone expected to be transformed by more than £900m of investment to develop 6.5m sq ft of employment space and 4,000 homes.
Stuart Rose, regional acquisition manager for the Midlands at Premier Inn, said the deal was “part of our wider acquisition drive in Birmingham”.
He added: “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 Premier Inn at Exchange Square is targeted to open in 2021, with HS2 scheduled to arrive in the city in 2026.
