€20 million provided for hotel development
Plans to deliver a 103-room hotel in Cork are progressing, after €21.3 million has been pledged to the project to fund a senior development facility.
Specialist retail finance provider Maslow Capital provided the funding to support JMK’s delivery of the hotel.
JMK Group is a family-run hospitality developer and operator founded in 2009. The group develops, owns, and operates hotels around the world, with approximately 2,000 rooms across Ireland and the UK.
They currently operate Moxy Cork and Residence Inn on Camden Quay.
The new hotel, which will operate under the Tapestry Collection by the Hilton brand, will be located in Cork’s historic Georgian Quarter. It will be set within a protected Georgian terrace designed by Sir Thomas Deane, a prominent 19th century architect from Cork.
The project will refurbish and integrate the terrace with a new six-storey rear extension, retaining the heritage façade while creating modern extended-stay accommodation aligned with the brand.
The hotel will serve both corporate and leisure guests, and will benefit from a prime city-centre location within walking distance of Cork's cultural amenities and key transport links.
Practical completion is targeted to be completed by December 2027.
Oliver Lawlor, Origination (Ireland) at Maslow Capital said: “This transaction demonstrates Maslow Capital’s ability to support experienced hospitality sponsors on complex, heritage-led development projects in strong regional city-centre locations.
“JMK Group’s track record, the strength of the location, and the differentiated Hilton-brand extended-stay proposition give us strong conviction in the scheme’s long-term fundamentals,” he said.
Zain Kajani, Director, JMK Group said: “Maslow Capital showed a strong understanding of the operational real estate sector, the Hilton-brand proposition, and the delivery considerations involved in a heritage-led scheme.
“Their commercial approach, clear execution, and understanding of our business plan gave us confidence throughout the financing process,” he said.