Finance Minister has visited a new 24-bed
aparthotel in Derry which is set to open this spring.
The development by the Duddy Group will form part of the Holiday
Inn Express, where the group also opened a bar and entertainment
centre, Kaboodle, last year.
Both projects were part-funded by the NI Investment Fund which
provides debt or equity finance for commercial property,
regeneration and low carbon projects and is managed by the CBRE
Lending team on behalf of the Department of Finance.
Minister O'Dowd said: “Tourism is a key driver of economic growth
and community development. Investing in tourism creates jobs,
sparks innovation, and supports sustainable progress.
“I was interested to hear from the Duddy Group how funding from
my Department through the Investment Fund has been instrumental
in delivering this project which is supporting 30 new jobs.
“The aparthotel and entertainment complex received a loan of
£3.3million from the Fund which shows how targeted investments
can really make a difference in helping developers progress
projects.
“The outcome is an attraction that not only helps address
regional imbalance but boosts local tourism and helps unlock
economic growth.”
Brendan Duddy Jr, from the Duddy Group said: “The Investment Fund
has been critical in providing the funding for Kaboodle
entertainment centre at Holiday Inn Express complex. This has
proven to be a major attraction for visitors and locals coming to
spend time in Derry.
“The development of the short-stay tourist apartment suites as
part of the Holiday Inn Express complex provide facilities for
visitors from overseas, the south and any one visiting the city.
“This site had been empty since demolition of the former site in
the early 80s. Similar to the location Kaboodle now operates from
which hadn't had any business operating there for over a decade.”
William Church, CBRE Lending said: “This is exactly the type of
employment-led scheme the Fund was set up to enable, supporting
economic growth in Derry / Londonderry as part of a NI-wide
strategy. We are delighted to see it all so close to completion
and the Kaboodle element up and trading, adding to the regional
economy.”
Since its launch in 2017, the NI Investment Fund has provided
£178.5million in loans resulting in over 5,180 jobs being
supported. More information on the Fund can be found at: www.northernirelandinvestmentfund.com/
