A new Hilton hotel is coming to Plymouth
At Propiteer Capital, we are continuously working to fund new and exciting property developments, and we’re happy to announce that our successful partnership with Hilton hotels is set to continue with the addition of another Hilton Garden Inn to our portfolio. The new hotel will be based in a prime waterfront location in Plymouth, overlooking the Hoe. The site has been vacant for the last six years, and we’re pleased to have won the bid for the location among submissions from 11 other companies.
With Propiteer Capital’s financial backing, our developing partner Propiteer Limited will begin construction of the new hotel in late 2023 and it will feature 150 guest rooms, on-site parking, and a Sky Bar on the top floor, which will offer unique, beautiful views of the port and Plymouth Sound.
Once completed, the hotel will continue to deliver Hilton’s renowned hospitality services with the customer at the heart of every experience, and it will aim to become “the finest hotel in the city”, as described by Director of Propiteer Hotels Mike Aspinall.
Plymouth County Council has now authorised the sale of the site and contracts have been exchanged. Council leader Nick Kelly comments: “A world-leading hotel brand in a prominent and historic location [is] brilliant news for Plymouth, for the city’s tourism industry and for the residents living in this part of the waterfront”.
The Hilton Garden Inn will also be accompanied by three residential apartment blocks, which will bring over 140 modern flats to the famous maritime city and aim to contribute to minimising the UK’s housing shortage.
Plymouth: a UK property hotspot
The sites and locations that we finance at Propiteer Capital are always cherry-picked. They are up-and-coming and in demand. Coastal towns like Plymouth have become particularly popular among home-seekers as flexible working styles have become more widely adopted by office-based companies. Devon has also been recognised as one of the UK property hotspots this year.
As the tourism industry re-opens in the UK and all Covid-19 restrictions are lifting completely, Plymouth is, once again, attracting tourists for its maritime heritage, historic streets, and famous fisheries.
Hilton’s UK and Ireland managing director Graham Dodd adds: “Plymouth is very high on our list of strategic locations in the UK. Our aim is to shine a spotlight on Plymouth within our global network, encouraging both domestic and international visitors to this historic city. With Propiteer Hotels Limited being a long-term strategic partner for Hilton, we look forward to working closely with them and the Council on this fantastic property”. So, as crowds return to popular holiday destinations like Plymouth, we’re ready to service the demand with attractive, word-leading hotel services with our partner Hilton.
Propiteer Capital’s hotel development portfolio
Along with the new Plymouth-based Hilton Garden Inn hotel, we have several other exciting hotel developments in the pipeline to look forward to. In Peterborough, a new Hilton Garden Inn hotel at Fletton Quays is set to be completed around the end of 2022. Similar to the Plymouth Hilton Garden Inn, this one also features a Sky Bar on the top floor, offering stunning views of the river Nene and Peterborough Cathedral, and the hotel is also accompanied by three neighbouring waterfront apartment blocks.
Peterborough is currently known as the fastest growing local authority in the east of England. It’s an ideal location for young professionals, with easy transport links, a new university coming soon, and a great balance of a bustling city with beautiful countryside nearby.
In Duxford, the Imperial War Museum will be enhanced with a 6-storey Hampton by Hilton this year. Its unique shape and structure will bring an innovative design from the Hilton group and facilities such as a gym, a bar, a dining area and roof-top terrace will deliver opportunity and convenience along with exceptional service to Europe’s largest air museum.
Click here for the full press release and more details on our financing of the new Hilton Garden Inn development in Plymouth.
How to get involved
At Propiteer Capital, we offer a Branded Hotels investment type, with profits ranging between 6% and 7.0% pa. To find out more about us and how to get started with a Propiteer Capital Branded Hotels investment, visit our website or give our friendly customer services team a call on 01376 319 000.
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