Sunday, May 19, 2024
Sunday, May 19, 2024
HomeNewsBusiness NewsNo 17 on the promenade backed by Cumberland Building Society

No 17 on the promenade backed by Cumberland Building Society

The Wellpark Hotel in Oban is now undergoing a complete renovation and will be reopened as ‘No. 17 on the Promenade’ following a six-figure investment by The Cumberland Building Society.

 The 23-room, ocean-facing boutique hotel is set to open in April having been bought by hotel, bar and restaurant owner, Paul Sloan, who purchased the site in 2021.

Commenting on the investment, hotel owner Paul Sloan said, “I can’t reiterate enough how great my experience of working with The Cumberland team has been. There is always someone on hand to offer advice on the project, which hasn’t always been the case when working with other banks.  

“They have allowed me to not only invest in this project but also look ahead to future investment opportunities, which wouldn’t be possible without their help. One year ago, I felt extremely unsure about my future in the hospitality industry – now I am set to open another luxury spot in Oban, one that guests will enjoy for years to come.”  

Scott McKerracher, Head of Commercial at The Cumberland added, “Despite the obvious challenges, it’s a really exciting time for the future of hospitality. We have seen a 600% increase in the pipeline in hospitality lending for hotels and holiday lets and look forward to supporting many of these opportunities, offering a fully relationship managed service to our clients.” 

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