The Northern Ireland Investment Fund has provided a £28 million development finance loan to JMK for the development of the Hamilton Dock Hotel site.
Located within Belfast’s Titanic Quarter, the completed site will comprise a 228-bed Aloft Hotel and Residence Inn Aparthotel, operated under a Marriott franchise agreement: JMK Group.by Marriot. Construction has now commenced on the hotel, with is aiming to achieve a BREEAM Excellent status, with an EPC A and LEED Gold ratings.
The Northern Ireland Investment Fund is managed by CBRE’s Lending team Capital Advisors on behalf of the Department of Finance and the Northern Ireland Strategic Investment Board, with the Hamilton Dock Hotel loan marking the fund’s largest loan since its launch in 2018.
Tughans acted as solicitors for JMK who were advised on the debt by Gordon Davidson at FJJ Consulting. A&L Goodbody were the legal representation for the Northern Ireland Investment Fund.
What they said
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. The pandemic and rising interest rates have tested those conditions, and supply and debt liquidity is now more constrained. Having 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.”
Zain Kajani, director at JMK added: “We are pleased to have the funding in place and break ground at the JMK group’s 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. The financing from the Northern Ireland Investment Fund and approach by CBRE were crucial to ensuring the successful delivery of this project.”