A major extension to the Holiday Inn Express on the Strand Road in Derry / Londonderry – made possible through a multi-million pound banking partnership between the hotel owners and Ulster Bank – is set to open this week in time for the influx of visitors coming to The Open at Portrush.

40 new rooms have been added to the upper floors of the building - owned by the Duddy family – as part of an ongoing investment by the owners that has revitalised the prominent site and created hundreds of jobs. The Duddy Group recently opened the new Kaboodle Bar adjacent to the hotel, a licensed restaurant and family entertainment complex over two floors, and has further plans to continue to invest and expand at the location in the City.

Ulster Bank’s partnership with Duddy Group has seen the bank provide a total funding package of over £7 million, incorporating the refinancing of existing borrowing plus another tranche of funding towards the build to complete the latest expansion of the Holiday Inn Express. It is the latest hotel investment supported by Ulster Bank across Northern Ireland, with other recent examples including Andras House’s new Marcus Hotel in Portrush and the acquisition of the Armagh City Hotel by McKeever Hotel Group.

Richard Lusty and Andy Tew from Ulster Bank’s corporate banking team have worked closely with Duddy Group, who were advised by Gordon Davidson of FJJ Consulting, on the transaction.
 

Richard Lusty, Relationship Director, Ulster Bank, said: “We are very pleased to help enable this latest investment which will add considerably to the local hospitality offering and more broadly to support the owners as they seek to further develop and grow their business interests across Northern Ireland and beyond.”

Andy Tew, Associate Director, Ulster Bank added: “It is an exciting time for the hospitality sector in Northern Ireland with a considerable amount of investment ongoing, not least as the industry prepares for major events such as The Open, and this will leave a very positive longer-term legacy for the local economy”.

Brendan Duddy, Director, Duddy Group commented: “We are excited to partner with Ulster Bank as we continue to invest in our premises to meet strong demand in the local market for accommodation as the city attracts a growing number of leisure visitors. Ulster Bank’s support has enabled us to move forward with our ambitious plans for the Holiday Inn Express and we look forward to continuing to work with their expert team.”