Premier Travel Inn (PTI), the UK’s biggest hotel brand known for its guarantee of good quality rooms at value-for-money prices, has secured AED 200 million in financing, which has been arranged by National Bank of Dubai and Emirates Bank International, to develop its first three properties in Dubai.
The financing agreement was signed today by George Abraham, Head Large Corporate & Government Division, National Bank of Dubai; Mehdi Kazim, Senior Manager & Head of Corporate Banking Unit, Emirates Bank International; Darroch Crawford, Managing Director PTI Gulf Hotels; and Derek Swan, Senior Vice President Business Development, Emirates.
Premier Travel Inn’s international debut outside of the UK is operated under a joint venture between the Emirates Group, the largest aviation and travel services operator in the Middle East, and the UK’s leading hospitality group Whitbread Plc.
Since the joint venture was launched six months ago, three sites in Dubai have already been earmarked for Premier Travel Inn properties: in the Dubai Investment Park; in Garhoud close to Dubai airport; in the Dubai Silicon Oasis.
Darroch Crawford, Managing Director, PTI Gulf Hotels said: “We are very pleased to have secured AED 200 million financing from National Bank of Dubai and Emirates Bank International for our first developments in Dubai. Over the next 18 months, we plan to bring 830 new rooms into the market for business and leisure travellers seeking high quality budget hotel accommodation in Dubai.
“With this funding we can now accelerate our development plans. Construction contracts for the upcoming Premier Travel Inn at Dubai Investment Park have been awarded, and tenders for the other new developments are currently in progress.”
Derek Swan, Emirates' Senior Vice President Business Development said: “Premier Travel Inn is a renowned hotel brand that complements Emirates’ ethos of quality service. It will fill a gap in the region’s hospitality portfolio by providing a high quality product in a hotel sector where rooms are much sought after by value-conscious travellers. We look forward to launching the first Premier Travel Inn in the GCC very soon.”
Scheduled to open in early 2008, the first Premier Travel Inn will be a 308-room hotel at Dubai Investment Park. In addition, PTI Gulf Hotels has plans to launch 5,000 rooms throughout GCC over the next five years, with up to eight to nine properties in Dubai alone. Room rates are expected to be in the region of Dhs 400 (US$ 111).
All Premier Travel Inn hotels feature ensuite bathroom with shower and bath; king sized beds with duvet; remote control TV/radio alarm; tea/coffee making facilities; and a spacious desk area. Premier Travel Inn, which operates more than 480 budget hotels in the UK with over 32,000 rooms, is renowned for providing consistent guaranteed quality, achieving 80 per cent occupancy rates. Although the Premier Travel Inn GCC product will be to its same high UK standard, enhancements are planned including swimming pools.
The Premier Travel Inn joint venture complements Emirates’ luxury hotel and serviced apartments management division, Emirates Hotels & Resorts, extending its hospitality portfolio into the budget hotel sector. Emirates has an existing relationship with Whitbread Plc through its franchise operation of the Whitbread Costa Coffee brand in the UAE and GCC.-ends
About Emirates
Emirates is the international airline of the United Arab Emirates, based in Dubai. Financially independent and thriving, Emirates has recorded a profit in every year except its second year of operation. Comprising an award-winning fleet of 103 aircraft which flies to 89 cities around the world, an international cargo division, a fully-fledged destination management and leisure division, an international ground handler and an airline IT developer, Emirates is characterised by two key features, continuous explosive growth and a constant focus on top quality service. Further information is available from: www.ekgroup.com
About Whitbread Plc
Whitbread Plc is the UK's leading hospitality company, managing market leading businesses in the hotels, restaurant and health and fitness sectors, including Premier Travel Inn, Brewers Fayre, Beefeater, Costa, T.G.I. Friday's and David Lloyd Leisure, and a strategic investment in Pizza Hut (UK). Whitbread's strategy is to create value for its shareholders by focussing investment and growing in expanding sectors of the hospitality industry. Founded in 1742, the company is listed on the London Stock Exchange (as WTB.L) and is a member of the FTSE 250 and FTSE4Good indices. Further information is available from www.whitbread.co.uk
About Premier Travel Inns
Premier Travel Inn is the UK’s biggest hotel brand with over 480 hotels and more than 32,000 rooms. Its brand promise is to give “a good sleep, night after night – to consistently do the extraordinary,” and this is put to the test with 13 million customers each year. Most Premier Travel Inns are located along major roads and in regional and city centres. Premier Travel Inn was the winner of the Customer Services Strategy of the Year at the UK’s National Business Awards, reflecting its approach to providing customers with their guarantee of a good quality room, comfortable surroundings and friendly service, which is unique amongst Britain’s leading hotel chains. Further information is available from www.premiertravelinn.com
