Nextcolour Developments Limited is behind the latest development which is expected to open in 2021.
With a £2 million investment from the Development Bank of Wales through funding from the Wales Tourism Investment Fund and the backing of Visit Wales, the 16 bedroom hotel has been designed by Lawray Architects and Holly Keeling Interiors, who previously worked on The Watergate Hotel in Cornwall. South Wales based Bridgeport 360 are the appointed contractors.
Positioned as part of the successful Oyster Wharf development that opened in 2016, the new hotel is expected to create 30 new jobs and has been pre-let for 25 years to the City Pub Group. The Group currently has a portfolio of 47 pubs across England and Wales including Chapel 1887 and the Pontcanna Inn in Cardiff. James Morse is a Director of Nextcolour. He said “Now might not be an obvious time to invest in a new hotel but we are confident that there is strong market demand for a high quality boutique hotel in the area given the strength of the tourist industry in South West Wales.
“We are extremely grateful to the Development Bank of Wales and Visit Wales for their assistance during these difficult times. Their commitment to progressing development and tourism in Wales for the benefit of future generations is commendable.”
Deputy Minister for Culture, Sport and Tourism, Lord Elis-Thomas, said: “I’m delighted that the Wales Tourism Investment Fund has been able to support this project – which will result in a high quality hotel for the area. Although we’re in difficult times, it’s great news that the team behind the Oyster Wharf have the vision and drive to take this project forward – and the confidence that better times await the sector.”
Alun Thomas of the Development Bank of Wales added: “This is the third investment in west Wales by the Wales Tourism Investment fund. The Oyster Wharf has revitalised the waterfront at Mumbles creating a retail and restaurant destination for the local community and visitors to the Swansea Bay region. The development has enhanced the seaside villages’ renowned niche as an upmarket tourist destination and gateway to the Gower Peninsula. The new boutique hotel will only enhance the quality experience already available and will create 30 much needed new jobs.”
The £50m Wales Tourism Investment Fund (WTIF) is managed by the Development Bank of Wales on behalf of Welsh Government. Loans between £100,000 and £5 million are available with repayment terms of 10 – 15 years for tourism projects that require capital investment and help to maintain and develop Wales’ position in the global tourism market.