Family-owned Apex Hotels has secured a £29m funding package from the Bank of Scotland to support the development of its first hotel in Bath.
The new hotel, which is set to open in the summer of 2017, is Apex Hotel's tenth property and part of a major expansion programme which has seen the company open Apex Temple Court hotel in London in 2012 and Apex City of Glasgow hotel in October last year. The Apex City of Bath hotel will be the company's first venture outside of London and Scotland.
Apex Hotels, which has a turnover of £57.2m, is building the new 177-bedroom hotel in Bath on James Street West. Once complete, the £35m four-floor hotel will be the largest hotel in Bath and will feature a swimming pool, gym, and conference and meeting facilities for more than 420 people. Up to 120 full-time positions, including front of house, kitchen and housekeeping roles, will be created at the new hotel.
Ian Springford, chairman at Apex Hotels, said this latest venture marks the company's 20th anniversary. He continued: "The new hotel in Bath is an exciting opportunity for the group and we're proud to have secured a great location in a booming city.
"With the new development, we'll be able to offer a new contemporary hotel to the people of Bath, ideal for both tourists and professionals traveling to the city."
Pointing to Apex Hotels strong financial performance, Alistair Macpherson, relationship director at Bank of Scotland, said the bank was committed to supporting Apex Hotels' expansion plans to help them deliver long-term growth.
He added: "Apex Hotels has delivered strong growth in recent years thanks to its expansion into new regions. The business has a reputation for high quality service and facilities and we're pleased to have supported its first venture in the South West."