A team from Excello Law NI led by real estate partner Gregory Martin advised The Lotus Group in connection with the £10 million financing of the first Staycity aparthotel development in Northern Ireland by Danske Bank.
The project, with a total value of £20 million, involves the development of the former HMRC headquarters in Belfast City Centre, creating a nine storey aparthotel with 98 rooms and guest amenities. Excello Law NI are also advising on the development and construction aspects of this project, which, as reported in the News Letter, will “offer a mix of studio and one-bedroom apartments, alongside… a gym, reception, bar, restaurant and retail offering.”
Lotus Property is one of Northern Ireland’s leading development companies with 30 years’ experience redeveloping and enhancing assets and managing property portfolios. European aparthotel operator Staycity, headquartered in Dublin, is the continent’s fastest-growing aparthotel provider with more than 8,000 apartments listed.
The Excello team on this deal comprised Gregory Martin, Eoin Hamilton, James Browne and Andrew Rimmer.
Gregory Martin commented: “This transaction reflects the dynamism in Belfast’s hospitality market and an increasing appetite from institutional lenders to back quality redevelopment projects. We were pleased to bring together the breadth of Excello’s expertise in Northern Ireland across real estate, development and construction to support this project, showcasing what our team can offer clients on high-value transactions.”
Alastair Coulson, managing director at Lotus Property, told News Letter: “We’re delighted to see work underway on this important city‑centre development, which reflects strong confidence in Belfast’s continued growth. Partnering with Staycity on the launch of its new brand concept makes this an especially exciting project, bringing a high‑quality aparthotel offering to the city and revitalising the city centre streetscape.”
