Premier Inn Acquires Property Adjacent to the Olympic Stadium

Premier Inn, owned by Whitbread PLC, the UK’s largest hotel and restaurant group, has announced its latest site acquisition for a new 267-bedroom budget hotel at Stratford, located adjacent to the Olympic Stadium, investing some GBP25m and creating approximately 90 jobs.

The hotel will also be the closest hotel to the new Stratford International station which opened in December 2009. Stratford Premier Inn will be one of the best connected hotels in the country - only minutes from central London on the new high-speed rail service and just over two hours to Paris on the Eurostar. The acquisition also ensures Whitbread will be an early investor in the Stratford regeneration project which will see the creation of a vibrant new business centre for London.

Since the start of 2009, Premier Inn has extended its position as London’s leading budget hotel operator with 13 new locations at sites ranging from Greenwich to Islington. The new hotels are predominately leasehold with a total value of GBP160m. The site in Stratford plus the other new locations will all be open and trading by summer 2012, boosting Premier Inn’s total number of bedrooms by 2,324. In total, Premier Inn will have 8,374 rooms across 59 hotels in London by 2012.

Whitbread is expecting to create almost 1,000 new Premier Inn jobs in London between now and summer 2012.

Alan Parker, Chief Executive of Whitbread PLC, said: “Securing this first-class location adjacent to the Olympic Stadium is a great result for us. With our expansion over the next two years Premier Inn will have an unrivalled presence across London with more bedrooms in more locations than any other hotel operator.”

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John Burton, Director of Westfield Stratford City, where the hotel will be based, said: “Premier Inn is a fantastic addition to the scheme. The hotel will be in a prestigious location adjacent to the International Station. Westfield Stratford City has unrivalled connectivity and the opportunities that offers in terms of catchment are unparalleled. Westfield Stratford City will be projected onto a world stage during the Olympic Games in 2012 and we are creating a new metropolitan hub which will transform east London for the wider community, prompting increased investment and business activity in the area for years to come.”

Award winning Premier Inn, is the UK’s biggest and fastest-growing hotel brand with over 580 budget hotels and more than 40,000 rooms across the UK. Rooms are available from just GBP29. Premier Inn bedrooms feature an en-suite bathroom, TV, and internet access for business guests. Premier Inn offers customers a ‘Good Night Guarantee’ of a good quality room, comfortable surroundings and friendly service, which is unique amongst Britain’s leading hotel chains.

In 2008 Premier Inn launched in Dubai and in 2009 opened in India. On a domestic front, Premier Inn is set to be the largest provider of budget hotels in London by the 2012 Olympics.