IN BRIEF: Whitbread to build 110-bedroom Premier Inn in Lancaster

Whitbread PLC - Dunstable, England-based operator of Premier Inn and other hospitality chains - Signs a leasehold agreement with Maple Grove Developments Ltd for the construction of a 110-bedroom Premier Inn hotel in the centre of Lancaster. The proposed location is on Edward Street within the Canal Quarter, an area Lancaster City Council has earmarked for long-term regeneration.

Managing Director of Maple Grove Developments James Scott says: "Signing the agreement for lease with Whitbread brings certainty to the change we are seeking to deliver at the Canal Quarter, ultimately transforming a collection of derelict industrial buildings into a high-quality hotel that will bring many lasting benefits to Lancaster and the surrounding area."

If planning permission is granted, the hotel is expected to be completed within 18 months and create 30 permanent jobs.

Whitbread already operates an 81-bedroom Premier Inn on the outskirts of the city and says increasing visitor numbers in the area are driving its commitment to develop a second facility in Lancaster. The hotel is projected to host around 45,000 guests every year.

Whitbread Acquisition Manager Jill Anderson says: "This agreement is a significant milestone for both Lancaster and Whitbread's expansion in the Northwest. We have long targeted the city centre as a priority location, and this new Premier Inn will deliver attractive financial returns and meet clear demand for high-quality, affordable accommodation."

Current stock price: up 0.1% to 2,829.00 pence on Monday morning in London

12-month change: down 1.1%

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