Hotel boom result of peace dividend
The number of hotels built will increase dramatically because of the political settlement in the North, the Ulster Bank predicted today.
The lender said they had provided over £30m (€44.2m) of funding to support developments in the last year and added that the boom was set to continue after power-sharing between the five major parties was restored this month.
A spokeswoman said Ulster Bank was supporting new hotel projects in Banbridge, Antrim and Co Fermanagh to take advantage of the peace dividend.
Business banking manager Shauna Burns said: “The local hotel industry is preparing itself for the likely knock-on effect of greater numbers of tourists and a greater share of the UK’s lucrative conference industry with plans by hoteliers to enhance and extend their offering.
“We will also likely see further interest from leading international hotel chains wanting to enter the growing local market.”
Ulster Bank provided finance to support the development of Belfast’s Merchant Hotel which opened in May last year at the bank’s former headquarters.
It is also providing capital for the St Anne’s Square development in Belfast’s Cathedral Quarter, which includes a hotel.
Ms Burns added: “The local hotel sector has been rejuvenated in recent years as Northern Ireland’s reputation as a tourist and investment destination has been enhanced by greater social stability.
“National and international media interest in recent political developments and in our increasingly buoyant economy and housing market has further elevated Northern Ireland’s image as a vibrant and dynamic place to visit.”
