£50m conversion into hotel to create 600 jobs

Liverpool's Martins Bank

ONE of the UK’s finest neo-classical building is to be transformed into a stunning 227-room luxury hotel in a £50m investment which will create 200 long-term and 350 construction jobs over the next two years.

Liverpool’s historic Martins Bank building, designed and built by Herbert James Rowse in 1932, has been acquired by leading hotel and conference centre provider Principal Hayley Group.

The company is to convert the Grade II-listed property on Water Street into a luxury hotel with a spa, bar and fine dining restaurant. Work will start on the project this year with a potential opening in late 2017 or early 2018.

The hotel will be the city’s first ever potential five-star luxury offering.

The Mayor of Liverpool Joe Anderson said the scheme would be a landmark development for the city and was a signal of its growing reputation as a global tourist destination and as a centre for exhibitions and conventions.

Principal Hayley chief executive Tony Troy said the acquisition gave them an important presence in the heart of Liverpool, where there was clear demand for a full service luxury hotel.

He said it was the city’s recent renaissance and its record in attracting business and leisure visitors which was making their investment possible and they were pleased to be working with a number of key city departments on the project.

Castlewood Securities, which has owned the Martin’s Bank building for 20 years, has been acquired by Principal Hayley Group Hotels in the deal.

Castlewood has obtained full planning and listed building consent for the proposed development.

The acquisition follows a wider £100m strategic repositioning of Principal Hayley Group’s iconic city-centre properties.

The Royal York Hotel in York and The George Hotel in Edinburgh have both recently reopened following extensive renovations that honoured the histories of the two properties while adding state-of-the-art amenities.

An additional multi-million-pound investment is planned for Principal Hayley Group’s manor-house conference properties in 2016.

Designed by noted architect Herbert James Rowse and completed in 1932, the Martins Bank building is considered to be among the finest classical buildings built in England during the interwar period.
            
Much of the country’s gold reserve was secretly transferred to the building at the start of the Second World War in order to hide it from a feared Nazi invasion.

The gold arrived in Liverpool in three heavily guarded trains before being transferred to the bank’s vaults. A plaque outside the building commemorates the operation, which was dramatized by the Emmy-winning film The Bullion Boys.

Mayor Anderson said: “I’m pleased to see these new and ambitious plans for bringing another iconic Liverpool building back into use.

“It is an important landmark in the city’s business district and its conversion to a destination hotel reflects the continuing strength of the city’s visitor economy. I welcome the new investment by Principal Hayley and look forward to seeing progress during 2016.”

Bernard Byrne, chief executive of Castlewood Securities, the owner of Martin’s Bank building for nearly 20 years, said: “We are delighted to see our vision of converting Martins Bank into Liverpool’s first truly luxury upscale hotel, incorporating a destination spa and amazing leisure and fine dining facilities, being realised.

“Principal Hayley has a proven track record of working with important heritage buildings to deliver such projects. This investment of nearly £50m will create over 200 long term jobs as well as secure the future of one of Liverpool’s most treasured buildings.”

Troy added: “The Martins Bank building provides us with a strategically important presence in the heart of the Liverpool market, where there is a clear consumer need for a full-service luxury hotel and events space.

“Liverpool’s astonishing transformation over the last decade has seen it become one of Europe’s most important exhibition and convention centres as well as one of the most visited cities by tourists. Our development will become the jewel in the crown of Liverpool’s hotel offering.”

Max Steinberg, chief executive of Liverpool Vision, which oversees Invest Liverpool, the Mayor’s inward investment agency, said: “This a brilliant deal for Liverpool. Principal Hayley’s plans not only ensure the preservation of a globally important building but also add something very special to the city’s tourism offer.

“We are delighted to welcome them to the city and we will be working with them closely in the coming years to help them create a genuinely iconic hotel in which the entire city can take pride.”

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