Plans to roll out the Premier Travel Inn (PTI) brand in the GCC are likely to take shape more quickly now the UK company has secured financing to the tune of AED 200 million (US $54.45 million).
The cash boost, arranged by National Bank of Dubai and Emirates Bank International will not only help PTI and its partner, the Emirates Group to develop its first three properties in Dubai, but also free up more investment for further properties.
Since the joint venture was launched six months ago, three sites in Dubai have already been earmarked for Premier Travel Inn properties: in the Dubai Investment Park; in Garhoud close to Dubai airport; in the Dubai Silicon Oasis.
Premier Travel Inn (PTI), the UK’s biggest hotel brand known for its guarantee of good quality rooms at value-for-money prices, has secured AED 200 million in financing, which has been
The financing agreement was signed today by George Abraham, Head Large Corporate & Government Division, National Bank of Dubai; Mehdi Kazim, Senior Manager & Head of Corporate Banking Unit, Emirates Bank International; Darroch Crawford, Managing Director PTI Gulf Hotels; and Derek Swan, Senior Vice President Business Development, Emirates.
“With this funding we can now accelerate our development plans,” explained Darroch Crawford, managing director, PTI Gulf Hotels.
“Construction contracts for the upcoming Premier Travel Inn at Dubai Investment Park have been awarded, and tenders for the other new developments are currently in progress.”
Scheduled to open in early 2008, the first Premier Travel Inn will be a 308-room hotel at Dubai Investment Park. In addition, PTI Gulf Hotels plans to launch 5000 rooms throughout GCC over the next five years, with up to eight or nine properties in Dubai alone.
Room rates are expected to be in the region of AED 400 (US$ 111), with the properties targeted a “business and leisure travellers seeking high quality budget hotel accommodation”, according to Crawford.
All Premier Travel Inn hotels feature an en-suite bathroom with shower and bath; king sized beds with duvet; remote control TV/radio alarm; tea/coffee making facilities; and a spacious desk area.
The company already operates more than 480 budget hotels in the UK equating to more than 32,000 rooms and claims it regularly achieves 80% occupancy rates.
Although the Premier Travel Inn GCC product will be to the same UK standard, enhancements planned include swimming pools.
PTI’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.
Emirates has an existing relationship with Whitbread Plc through its franchise operation of the Whitbread Costa Coffee brand in the UAE and GCC.
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