Investment fund supports expansion at Belfast boutique hotel – finance to help owner realise growth ambitions
A Belfast boutique hotel is planning expansion after securing a £160,000 loan from the Investment Fund for Northern Ireland.
Facilitated by Whiterock, the loan has enabled the owner of the Harrison Chambers of Distinction, Melanie Harrison, to acquire an adjoining Victorian townhouse property.
The hotel currently comprises 16 rooms, each with their own theme and celebrating a person of note from Northern Ireland, such as writer CS Lewis and singer Ruby Murray.
The development will see the hotel, which currently employs 12 staff, expand into the adjoining property with the addition of 11 more suites along with improved kitchen and dining space, a piano lounge and communal areas.
Melanie Harrison said: “The process of working with Whiterock was very straightforward and the team really helped and guided me. I would have no hesitation in recommending them to other business owners.
“I had been a bit nervous of meeting my deadlines, but Whiterock helped me feel really assured and when the loan was agreed the funds were transferred in a really timely manner which helped me with my plans to buy the property.”
She added: “The deal with the Investment Fund for Northern Ireland will really help us go to the next level, building on what we already have and attracting even more people from all around the world.”
Whiterock head of property finance, Clare Stokes, added: “Whiterock is delighted to be working with Harrison Chambers of Distinction to support the continued growth of its unique contribution to the increasingly impressive accommodation offering within Northern Ireland.
“Melanie’s experience and hands-on approach undoubtedly underpin the ongoing success of the business.
“However, it is her undeniable and infectious passion for what she does that truly shines through in both the unique style of the property and the excellent customer service and personal approach that every guest benefits from.”
British Business Bank director, Nations and Regions Investment Funds, Mark Sterritt said: “The Harrison Chambers of Distinction has already earned a stellar reputation for delivering warm personal service in really stylish and opulent surroundings.
“We share Melanie’s belief that there is a real opportunity for further growth for the hotel and we are delighted to be able to provide the finance to help her realise this ambition.”
The £70m fund offers a range of commercial finance options including debt finance and equity investment.
Whiterock manages the debt fund, offering loans of £25,000 up to £2m while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5m.