Ulster Bank is backing the continuing growth of hospitality group Beannchor with a significant finance package relating to its popular Bullitt Hotel brand.
The £30m facilities include a refinancing of the Bullitt Hotel in Belfast and funding for the group’s plans in Dublin. These will see a 98-bed, four-star hotel open under the Bullitt brand on Capel Street, a vibrant street in central Dublin, connecting to the River Liffey, Temple Bar and the city’s bustling shopping area on Henry Street.
As part of the development, Beannchor plans to reopen an historic Victorian laneway that has been closed to the public for over 140 years, introducing a number of new eateries and a bar in phase one, with the hotel expected to follow in 2028.
Ulster Bank is a leading bank for the hospitality sector in Northern Ireland having supported a range of local hotelier groups in recent years to grow their portfolios by providing acquisition and development finance.
James Sinton of Beannchor Group says that the financing of both Bullitt Hotels by Ulster Bank is an important part of the group’s growth: “We are extremely grateful to the team at Ulster Bank for their support. This funding represents an important strategic milestone for us and will help enable our expansion plans, including the development of a new Bullitt Hotel in Dublin. Beyond the finance, the Ulster Bank team’s extensive hospitality expertise and insight have been hugely valuable throughout the process,” he says.
Kenton Hilman, Head of Corporate and Property at Ulster Bank said: “Beannchor is one of Northern Ireland’s most innovative and successful hospitality businesses and we are very pleased to support the group with the refinancing of Bullitt Hotel Belfast and finance for the planned Bullitt Hotel in Dublin. This builds on Ulster Bank’s strong reputation in the hospitality sector and supports one of Northern Ireland’s leading hospitality businesses as it continues to expand and grow in its existing market and in an important new market.”
Beannchor is a family-owned business and was founded by chief executive, Bill Wolsey, a leading Northern Ireland hotelier and businessman, who this year marks 50 years in business.
The group, who’s diverse portfolio of brands includes hotels, restaurants, bars and nightclubs, has a strong track record in the sensitive restoration and reimagining of historic and listed buildings. Landmark projects like Belfast’s Merchant Hotel, The Dirty Onion and The National are amongst the significant regeneration projects completed by Beannchor over the last 50 years. Bullitt Dublin will be its biggest and most complex project to date.
In addition to Bullitt Hotel and Little Wing Pizzeria, the Beannchor Group’s hotels, eateries and bars in Belfast include The Merchant Hotel, Ollies, The National and Sixty6, The Dirty Onion and Yardbird.
Ulster Bank recently appointed Kenton Hilman as its Mid-Market Champion in Northern Ireland – one of 12 that NatWest has appointed across the UK nations and regions.
Commenting on this Kenton Hilman, said: “Mid-sized businesses in Northern Ireland hold the key to unlocking growth. As one of Northern Ireland’s largest banks for mid-sized businesses, it is vital that Ulster Bank is representing their concerns and working to remove the barriers to expansion that they face. I look forward to using this platform to build a stronger Northern Ireland economy through championing the interests of mid-sized businesses.”