New hospitality jobs are to be created thanks to plans to renovate a derelict Aberystwyth hotel and reopen it as a Premier Inn.
The Aberystwyth Bay Hotel on the town's seafront has been boarded up since 2009 having previously been leased by the local authority to brewer SA Brain and Co.
Now, owner Ceredigion Council has decided to sell the site to developer Opus North for an undisclosed sum, the BBC reports.
Yorkshire-based Opus plans to begin renovation work on the property in the middle of next year, with a view to open a 62-room hotel towards the end of 2013, which it will lease to Premier Inn.
Andrew Duncan, Opus North's managing director, told the BBC: "Our acquisition of the Bay Hotel is a tremendous opportunity to regenerate this area of Aberystwyth.
"The hotel itself has fallen on hard times and had become an eyesore in an important part of the town."
It is hoped the renovation and re-opening of the hotel will create a number of new jobs in the region, help attract more visitors to Aberystwyth and ultimately boost the local economy.
Gareth Lloyd, Ceredigion Council cabinet member for economic development, added: "This is an exciting opportunity to promote a more vibrant promenade and seafront.
"I'm really pleased to see the private sector demonstrating their commitment to the town by bringing forward this significant investment."
It follows the recent news that Whitbread, owner of the Premier Inn brand, has agreed a sale and leaseback deal of seven of its hotels and joint restaurant sites in a deal worth £51 million.
The group will sell the properties to NFU Mutual and Standard Life Assurance Limited, who will then enter into 25-year leases with Whitbread, which will continue to operate the sites.
It follows two previous sale and leaseback deals over the past two years worth a total of almost £90 million and involving 12 of Whitbread's Premier Inn sites.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions