A Barry-based property development and investment business has used a £400,000 funding package from HSBC UK to purchase and develop a derelict building, turning it into an extension of one of its existing hotels.
PropertyIndex, established in 2012, used the HSBC UK funding package to facilitate the expansion of Mount Rooms Hotel, creating 14 new rooms and helping the hotel meet demand from customers. The recently completed expansion created five new jobs and is expected to increase turnover by 40 per cent.
Chris Spiteri and Emma Ballson, co-directors of PropertyIndex, commented: “We’re delighted to reveal the brand new extension of the Mount Rooms Hotel thanks to this deal with HSBC UK. Barry and the surrounding area are benefitting from a surge in tourism, so, in response, we’ve created boutique style rooms that build on the hotel’s reputation for providing guests with luxury and comfort.
“We’ve been banking with HSBC UK for two years and the team has always been extremely helpful in understanding our needs and supporting our expansions. We wanted to thank our relationship manager at the bank, Andrew Woodgate, who has been instrumental in this deal.”
Zena Perry-Hartle, Area Director at HSBC UK Business Banking in Wales, said: “With the demand for staycations rising in the UK since the pandemic began and holidays in Wales becoming more popular, the Mount Rooms Hotel was facing increasing demand to be able to accommodate more tourists. We’ve watched the wider business go from strength to strength over the years and can’t wait to see it continue to develop and build more properties in the area.”
PropertyIndex manages a range of workspaces, hotels and residential properties in Wales as part of its expanding property portfolio.