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The Northern Ireland Investment Fund (NIIF) has provided JMK with a £28m (€32.7m) loan to support the development of a hotel in Belfast.
NIIF, managed by CBRE’s financing team, provided development financing for JMK’s Hamilton Dock Hotel. The hotel is located in Belfast’s Titanic Quarter and will be converted into a 228-bed Aloft hotel and Residence Inn aparthotel operated under the Marriott brand.
NIIF provides debt financing for commercial real estate, regeneration and low carbon projects in Northern Ireland, with support from the Northern Ireland Treasury.
The loan to Hamilton Dock Hotel is NIIF’s largest loan since its inception in 2018. In addition, the recent completion of this and other loans brings the fund to £150m invested since its inception.
Harvin Duffield, a director at CBRE, said Belfast had sufficient debt liquidity and a supply of new hotel development when the Northern Ireland Investment Fund was launched in 2018, adding that the pandemic and rising interest rates meant that “this “We are testing the situation, and supply and debt liquidity are challenging,” he added. Now it’s more restricted. ”
Mr Duffield added: “NIIF will deliver debt financing that will address market failures and create jobs in an important regeneration area of the city’s Titanic Quarter by delivering an environmentally and sustainably superior hotel. We provide it,” he added.
“After considering various financing options and solutions for this site, we are pleased to have been able to commit to a credit facility to fund the delivery of this project.”
Zain Kajani, director of JMK, said: “We are delighted to have completed the financing and to be able to break ground on JMK Group’s first hotel in Northern Ireland. This further strengthens our hotel portfolio in the UK and Republic of Ireland, and also strengthens our links with the UK.” Our expansion strategy and forward-thinking approach to driving potential.
“The brand name of the hotel/aparthotel will be Aloft & Residence Inn by Marriott. An international brand and a prime location right in front of Belfast’s number one tourist attraction, the Titanic Museum. The combination of assets means this hotel and aparthotel has a bright future ahead of them.”
Mr Kajani added that the asset will be one of Northern Ireland’s greenest hotels with BREEAM Excellent and LEED Gold certifications.
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