M&G will finance the construction of the £203m hotel complex, which is expected to open by 2021. The capital will be provided through the £4.1bn M&G Secured Property Income Fund and used to develop the scheme, which also has provision for a 27,000 sq ft education facility, landscaping and open space. 

Under the terms of the deal, Premier Inn owner Whitbread and Staycity will each take 30-year leases on five yearly inflation-linked rent reviews, operating independently with 60% and 40% of the rooms respectively.