We are pleased to have advised the Development Bank of Wales on its funding support for LQ Resorts acquisition of the Parkway Hotel and Spa in Cwmbran.
The seven-figure loan, provided through the Wales Tourism Investment Fund, enabled LQ Resorts to complete the purchase of the 80-room hotel, set in seven acres of landscaped grounds. The venue will now undergo a series of upgrades as part of LQ Resorts’ continued investment in high-quality Welsh hospitality.
Our Commercial Property team advised on the refinancing and security aspects of the transaction, including property due diligence and a first-ranking legal charge over the hotel site.
James Guile, Senior Associate in the Commercial Property team, said:
“We’re pleased to have supported the Development Bank of Wales once again in delivering investment for Wales’s growing tourism sector. The Parkway Hotel is an important regional asset and this deal demonstrates the Development Bank of Wales’ continued commitment to supporting businesses that strengthen the Welsh economy.”
Clare Sullivan, Regional Manager for New Investments at the Development Bank of Wales, said:
“LQ Resorts has built a strong brand with a reputation for high-end service at their existing chain of spas, and the acquisition of the Parkway Hotel is a great addition to their portfolio. We’re glad that our support has enabled them to seize the opportunity quickly. We’re grateful to James Guile and the team at Hugh James for providing efficient legal support throughout the process.”
Financed entirely by Welsh Government, the £50 million Wales Tourism Investment Fund offers loans between £100,000 and £5 million for distinctive, stand out tourism projects that align with the priorities of Welsh Government.
This latest transaction builds on our long-standing relationship with the Development Bank of Wales and follows recent work on the Development Banks’ investments in Ceryx Medical, Coffi Lab, and Dragon Recycling Solutions Limited.
