Premier Travel Inn (PTI), the UK’s hotel brand, 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…
Premier Travel Inn (PTI), the UK’s hotel brand, 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 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).
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.
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