
Arena Leisure PLC
14 March 2007
Arena Leisure Plc
Doncaster Racecourse - Planning Update
Arena Leisure Plc ('Arena') is pleased to announce that Doncaster Metropolitan
Borough Council has granted detailed planning permission for a combined hotel
and residential development at Doncaster Racecourse ('the Racecourse').
The development will incorporate a 120-bedroom four-star hotel with associated
restaurant and bar facilities on the lower floors and 34 residential apartments
on the upper floors, for which underground car parking facilities will also be
provided. The gross cost of the development is estimated at around £17.5 million
which, after the sale of the residential apartments, is expected to result in a
net cost of around £10.5 million.
The preferred operator of the new hotel is Millennium & Copthorne.
The hotel is the second phase of the exciting plans for the redevelopment of
Doncaster Racecourse. The first phase, which will cost around £32 million,
involves the replacement of the old grandstand and exhibition hall with
state-of-the-art facilities for racing, conferences and exhibitions, together
with new stabling, weighing room and stable lads' accommodation.
Phase one is scheduled for completion in August 2007, in time for the world's
oldest classic horserace, the St Leger, in September. It is anticipated that
phase two construction will be completed for the 2008 St Leger.
Arena owns 81% of the company that holds a 99-year lease over Doncaster
Racecourse, although for the first 30 years Arena will receive 92.5% of this
company's profits.
Mark Elliott, Chief Executive of Arena Leisure Plc, commented;
'We are delighted to have received planning permission for the hotel and
residential development at Doncaster Racecourse. The Racecourse is in a
fantastic location and the new hotel will operate closely with the extensive new
facilities, helping to transform Doncaster Racecourse into a world-class
leisure, business and racing venue.'
- Ends -
For further information:
Arena Leisure Plc
Mark Elliott, Chief Executive 020 7495 2277
e-mail: contact@arenaleisureplc.com
Bell Pottinger Corporate & Financial
David Rydell/ Geoff Callow 020 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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