Opus North, the Yorkshire property development and investment company, has sold a landmark hotel on the seafront at Aberystwyth to Premier Inn Hotels for an undisclosed sum.
Terms have been agreed for the sale of the flagship Bay Hotel between Opus North and Whitbread Hotels and restaurants, who own the Premier Inn brand.
It is hoped that this new Premier Inn will act as a catalyst for the regeneration of the northern promenade area of Aberystwyth. The hotel will have 62 bedrooms, plus a restaurant on the ground floor.
The Bay Hotel, which occupies a prominent position on Aberystwyth’s northern promenade, was previously owned by Ceredigion District Council, who had leased it to Cardiff-based brewer SA Brain and Co.
Andrew Duncan, the managing director of Opus North, commented: “We are pleased to have concluded the sale of the old Bay Hotel to Premier Inn Hotels. We have worked hard with the very supportive Ceredigion District Council to restore this grand old hotel to its former glory and remove an eyesore in an important part of the town.
“We originally signed up Premier Inn to lease the hotel, but it became clear that it would be in everyone’s best interests if we sold the hotel, together with the retail/restaurant unit on the ground floor, to Whitbread. This is an exciting opportunity to promote a more vibrant promenade and seafront, create 30 new jobs, help attract visitors to the area and ultimately boost the local economy.”
Work has already started on site and the hotel is expected to be open before Christmas.