The Cumberland Building Society paves the way in hospitality lending by investing in luxury Scottish hotel refurbishment
Scott McKerracher at Cumberland Building Society in Carlisle.
3rd June 2021
Photograph: Jonathan Becker
beckerphoto.co.uk
Intro PR and Social Media
The Cumberland Building Society has kicked off 2022 by announcing a six‐figure investment to support a luxury hotel rebrand and refurbishment project.
Whilst the hospitality sector is still facing the challenges of COVID‐19, The Cumberland has made a statement of intent by financing more than 60% of the acquisition of the hotel in Oban, a seaside town in the West Highlands of Scotland.
Renowned hotel, bar and restaurant owner, Paul Sloan, purchased the site in 2021 when it was named The Wellpark Hotel. Now undergoing a complete renovation, the hotel will be reopened as ‘No. 17 on the Promenade’. The 23‐room, ocean‐facing boutique hotel is set to open in April.
Situated on the seafront esplanade in Oban, the hotel is undergoing a complete renovation including a new plumbing system, rewiring, installation of air conditioning across the hotel and more. Some original features will be maintained including a 16th Century Jacobean ceiling which adorns one of the living areas.
Paul is well known for having operated in the hospitality industry for many years across Scotland, primarily delivering top quality restaurant brands in Glasgow, Edinburgh and Oban. In addition to the No. 17 project, The Cumberland have assisted Paul in the refinance of No. 26 by the Sea, whilst also supporting funding for the acquisition of staffing accommodation.