The latest multi-million pound luxury lodge development in Denbighshire has secured the backing of the Development Bank of Wales.
Bryn Morfydd Hotel and Lodge Park at Llanrhaeadr, near Denbigh, closed in January 2009 and fell into disrepair. The 15-acre site will now be redeveloped by Jamie Hughes of HHH Park No 1 Limited with a £2.2 million loan from the Wales Business Fund being used to part-finance the construction of 68 luxury lodges. The deal was completed with the assistance of North Wales law firm Lanyon Bowdler who acted on behalf of HHH Park No 1 Limited. James Guile of Hugh James acted for the Development Bank of Wales.
With over 25 years-experience of working in the holiday park sector as the owner of Hughes Holiday Homes Limited, Jamie also has the backing of co-Director and investor Andrew Williams-Owen and Cheshire-based leisure construction specialists Peter Harding & Co Limited who will carry out all infrastructure works.
Jamie Hughes said:
North Wales is home to some of the most exclusive and high-value lodge parks in the UK yet demand continues to outstrip supply. Staycations and home-working are contributing to this as people seek a different way of life.
With the support of the Development Bank, the acquisition and development of Bryn Morfydd gives us the opportunity to bring this prominent site back to its former glory with ultimately 89 luxury lodges and a 39 bedroom hotel. It really will become a safe and beautiful haven for those seeking luxury living in an area of outstanding natural beauty.
Scott Hughes of the Development Bank of Wales said:
Jamie has an impressive track record and knows the market inside-out. He has the support of a highly experienced team who share his passion for developing five star luxury lodge parks. Our investment will be a welcome boost for the local economy with the redevelopment of the derelict site along with the creation of more high-quality holiday accommodation and jobs for local people.
Ed Nutting, of Lanyon Bowdler, said:
Tourism has always been a vital part of the North Wales economy, so bringing this site back to life is a fantastic boost for the whole area. We were very pleased to assist with the legal arrangements required for the purchase of the site on behalf of HHH Park No 1 Limited, and we wish them every success for the future.
The £204 million Wales Business Fund is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.