Plans for a £5million Premier Inn for Ilfracombe have been approved. The accommodation giant aims to turn the former Colossus Nightclub building in Market Street into a 66-bedroom hotel. The company has said the investment would create 25 new year-around jobs in the town and attract new visitors to the area. Under the terms of planning permission, building work must start within three years. Originally built in 1900 as the Alexandra Theatre, the building has been a cinema and was well known in the 1970s as a skating rink. In May 2008 approval was granted to demolish it and build 36 apartments, but the development never happened.