Development Bank of Wales invests £2m in boutique hotel

UK: The Development Bank of Wales, the Wales Tourism Investment Fund along with the backing of of Visit Wales, has investment £2 million in a 16-bedroom hotel project located in Oyster Wharf.

The four-star hotel is part of the second phase of the Oyster Wharf scheme in Mumbles. Nextcolour Developments Limited is behind the project, which will be designed by Lawray Architects and Holly Keeling Interiors.

James Morse, director of Nextcolour, said: “Now might not be an obvious time to invest in a new hotel but we are confident that there is strong market demand for a high quality boutique hotel in the area given the strength of the tourist industry in South West Wales.

“We are extremely grateful to the Development Bank of Wales and Visit Wales for their assistance during these difficult times,” he added. “Their commitment to progressing development and tourism in Wales for the benefit of future generations is commendable.”

Alun Thomas of the Development Bank of Wales added: “This is the third investment in west Wales by the Wales Tourism Investment fund. The Oyster Wharf has revitalised the waterfront at Mumbles creating a retail and restaurant destination for the local community and visitors to the Swansea Bay region. The development has enhanced the seaside villages’ renowned niche as an upmarket tourist destination and gateway to the Gower Peninsula. The new boutique hotel will only enhance the quality experience already available and will create 30 much needed new jobs.”

The Wales Tourism Investment Fund is managed by the Development Bank of Wales on behalf of the Welsh Government. Loans between £100,000 and £5 million are available with repayment terms of 10-15 years for tourism projects that require capital investment.

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