£1.7m funding secured by coastal hotel providing accommodation to key workers
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A five star Lancashire aparthotel which has been providing NHS and key workers with accommodation through the pandemic has secured £1.7m funding.
The capital from OakNorth Bank will help ensure HY Hotel in Lytham St Annes can capitalise on the return of tourists when hotels are allowed to re-open this month.
Launched in December 2019, HY Hotel was previously The Ashton Park Hotel, which closed in 2018, and was also known locally as The Langdales Hotel.
Its reopening created 20 jobs but when the pandemic hit, the hotel like much of the hospitality industry, was forced to close to the general public.
Rather than having rooms remain empty and unused, the team led by Dan Yates decided to provide heavily discounted rates on apartments to all NHS staff and any key workers traveling for work.
Additionally, the hotel which offers 35 luxury one and two-bedroom apartments, provided vital accommodation at a heavily reduced rate to those shielding or unable to stay at home due to high-risk family members.
Last summer it opened to the general public with 100% residency during the peak holiday season.
The hotel is now ready to benefit from a staycation boost as the leisure sector opens up.
Dan Yates, co-founder of HY Hotels, said: “We were so excited to open in December 2019, so to be forced to close only a few months later was incredibly disheartening for the whole team.
“However, we didn’t let that dampen our spirits – we pivoted the business so that we could remain open whilst also doing our bit for the local community.
“The occupancy we saw during the summer months have only strengthened our determination to stay open and ensure we not only survive through this crisis but thrive through it.
“We’re grateful to the team at OakNorth Bank who through providing this finance, have helped ensure HY Hotel has the ability to reach its full potential in the future and take advantage of the re-opening of hotels later this month.”
Stewart Haworth, Debt Finance Director at OakNorth Bank, commented: “Hy Hotel initially assisted public sector workers in the first lockdown, and with the two subsequent lockdowns, its unique offering became essential to the local community.
“Rather than temporarily closing, Dan and his team thought about what they could do to help whilst also preserving jobs.
“It is entrepreneurial and resilient businesses like these that will play a vital role in the post-pandemic economic recovery, so it’s essential that they get the funding they need.
“We’re glad to have been able to support the business, helping to shore up its future and ensure it’s in a strong position to take advantage of the summer staycation boom.”