Belfry’s £25m refurbishment tees off after new funding package
THE £25m refurbishment of hotel, golf and leisure resort, The Belfry, has received a major boost with the agreement of a new finance package.
The Birmingham office of Lloyds Bank Commercial Banking has agreed to back the scheme using a lending facility from the Government’s Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.
The banking facilities will enable the Ryder Club venue to undertake a comprehensive renovation of its property, which comprises the hotel’s 324 bedrooms and public areas, including seven bars and restaurants, together with considerable meeting and conference spaces.
Set within 550 acres, the Belfry is one of the world’s most renowned golf resorts and is home to two championship golf courses, including the critically acclaimed ‘Brabazon’ course, which is the only four-time host of the Ryder Cup tournament, together with the PGA National Golf Academy and another 18-hole course, The Derby.
The extensive refurbishment will help to restore the resort’s interior to its previous standing as one of Europe’s leading deluxe hotel, conference, golf and spa destinations.
Given the venue’s operational requirements, the resort will remain open during the extensive refurbishment. Work is scheduled to begin this spring and the entire project is scheduled for completion within an 18-month timeframe.
The award-winning resort was sold to an affiliate of US investment firm KSL Capital Partners in August 2012, which has subsequently reinstated De Vere Group to operate the resort.
Lynn Hood, Managing Director of The Belfry, said: “This ambitious refurbishment plan forms part of our commitment to provide our global customer base with truly first-class standards of luxury, service and amenities. Ultimately, it is about restoring this iconic venue to its former standing as a leading European golf resort.
“The team at Lloyds Bank have demonstrated their commitment to helping us to realise our long-term ambitions for the Belfry’s refurbishment. We are thrilled to have the right banking partner in place to assist us with these goals.”
Murray Stewart, Relationship Director at Lloyds Bank Commercial Banking in Birmingham said: “The Belfry is a great representative of the type of UK mid-market business that we are keen to support. Such businesses are fundamental drivers in our economic recovery and we are committed to working with them to provide the backing they need to drive growth and development – this includes using a range of funding options including Funding for Lending.”
Other advisors involved in the transaction included Birmingham-based Gateley, which acted as legal adviser to Lloyds Bank Commercial Banking.
