The Northern Ireland Investment Fund (NIIF) has provided a 拢28m (鈧�32.7m) loan to JMK to help develop a hotel in Belfast.
NIIF, managed by 鈥檚 lending team, has provided the development finance for JMK鈥檚 Hamilton Dock Hotel, a site within Belfast鈥檚 Titanic Quarter expected to be transformed into a 228-bed Aloft Hotel and Residence Inn Aparthotel, operated under the Marriott brand.
NIIF, backed by the Northern Ireland Department of Finance, provides debt funding for commercial property, regeneration and low carbon projects in Northern Ireland.
The Hamilton Dock Hotel loan marks NIIF鈥檚 largest loan since its inception in 2018. In addition, the recent completion of this loan and others has now taken the fund to 拢150m invested since inception.
Herbin Duffield, director at CBRE said when the Northern Ireland Investment Fund launched in 2018 there was sufficient debt liquidity and supply of new hotel developments in Belfast, adding that the pandemic and rising interest rates have 鈥漷ested those conditions, and supply and debt liquidity is now more constrained鈥�.
Duffield added: 鈥漀IIF is addressing market failure and providing debt funding that will create jobs in a key regeneration area in the city鈥檚 Titanic Quarter by delivering a hotel with strong environmental and sustainability credentials.
鈥淗aving explored a range of funding options and solutions for this site, we are delighted to have committed a loan facility to finance the delivery of this project.鈥�
Zain Kajani, director at JMK, said: 鈥淲e are pleased to have the funding in place and break ground at the JMK group鈥檚 first hotel in Northern Ireland, adding further depth to our hotel portfolio in the UK and Republic of Ireland, and aligning with our expansion strategy and forward-thinking approach to drive sustainability.
鈥淭he hotel/aparthotel will be branded Aloft & Residence Inn by Marriott. The combination of the international brand and the asset being in a prime location in front of the Titanic Museum, which is Belfast鈥檚 number one tourist attraction, will ensure the hotel & aparthotel have a bright future ahead.鈥�
Kajani added that the asset will be one of the greenest hotels in Northern Ireland with BREEAM Excellent and LEED Gold credentials.
To read the latest 91传媒在线 magazine click here.
