Arora plan huge Gatwick budget hotel
28.01.11
Arora Hotels has entered into a joint venture with Prupim to develop a 630-bedroom Premier Inn hotel at Gatwick airport, Property Week reports. The hotel, at the airport’s north terminal, will be the first terminal-based budget hotel and the largest Premier Inn in the UK.
It is understood that Prupim has signed a forward-funding deal for around £80m for its secured property income fund, and will own the hotel once developed. The hotel is part of a £125m joint venture between Arora and Whitbread’s Premier Inn to build four hotels at Gatwick, Heathrow and Stansted. The project will make Whitbread the UK’s largest airport hotel brand.
Arora has already completed a £38m forward funding with Aviva for the development of a 400-bedroom Premier Inn near Terminal 5 in Heathrow in December. Construction has begun and the hotel is expected to open in the next 18 months. Arora is thought to have received bids and be in talks with other prospective funders for a 240-bedroom hotel at Heathrow Terminal Four and a 300-bedroom hotel at Stansted.
Arora hopes to start development of the Gatwick hotel - on a car park next door to Arora’s Sofitel Gatwick hotel in the next month. It aims to complete construction in 20 months. The privately owned Arora Hotels is the largest provider of hotel accommodation and conference facilities at Gatwick and Heathrow airports.
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