Business

Almost £1.5m knocked off asking price of Belfast city centre hotel on the market for two years

Premier Inn Hotel is now on the market for £8.5m, while owners of The Port Hotel in Portrush seek £1.5m

The 148-room Premier Inn Hotel is part of the Adelaide Exchange development in Belfast city centre.
The 148-room Premier Inn Hotel is part of the Adelaide Exchange development in Belfast city centre.

Almost £1.5 million has been knocked off the asking price of a Belfast hotel on the market for more than two years.

The Premier Inn Hotel on Alfred Street was originally listed for sale in July 2022 with an asking price of £9.93 million.

More than two years on, the asking price for the hotel, which has been undergoing renovations in the interim, has now been knocked down to £8.5m.

Opened in May 2007, the 148-room hotel is part of the Adelaide Exchange complex in Belfast city centre.

The office-end of the development, which spans 140,000 sq ft of floorspace, has been hit by the recent loss of EY as a tenant.



It’s understood the professional services giant moved out of the building in February 2024, with its Belfast office operation now centred at Bedford House.

Premier Inn-owner Whitbread plc’s lease on the hotel runs until August 2037, with the hospitality group currently paying an annual rent of £529,618 to the building’s landlord.

Adelaide Exchange was originally developed by Belfast-based Straben Developments.

The company sold the long leasehold (800 years) for the hotel in 2007 to the current sellers.

Meanwhile, another hotel in Portrush is still seeking a new owner one year after going on the market.

The Port Hotel on Portrush Main Street is on the market for £1.5m.
The Port Hotel on Portrush Main Street is on the market for £1.5m.

The Johnston family originally announced plans to sell The Port Hotel on Main Street in October 2023.

The asking price for the venue was not originally listed, but the 17-room hotel is now on the market for £1.5m.

The north coast hotel scene has experienced an upsurge in activity in the past few years ahead of the return of The Open Championship next year.