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 owner.
It’s understood the seller is the original developer of Adelaide Exchange, Straben Developments.
The company is controlled by Stranmillis Investments, owned by Stephen, Daniel and Nuala McGeown; and Benmore Developments (NI), owned by Anna and Kevin McKay.
Meanwhile, another hotel in Portrush is still seeking a new owner one year after going on the market.
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.