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Taj Bar and Kitchen in Prestwick has secured a £1.14m funding deal to build a four-star boutique hotel in the space above the restaurant.
The funding from Reward Funding will allow the owners to develop 3,875 sq. ft. of space above its restaurant, creating a 10-bedroom luxury hotel.
The newly opened DeiRa Hotel and Apartments are designed to meet the increased demand for high-quality accommodation from golf tourism.
The family-run restaurant and hotel business is part of R&J Uppal Holdings Ltd which owns an extensive portfolio of property.
Perry Uppal, director of R&J Uppal Holdings, said: “We recognised that expanding our existing restaurant business – by creating a new luxury boutique hotel – would enable us to drive further business growth and capitalise on the lucrative golf tourism industry across the Ayrshire coast.
“We’d struggled to secure funding through banks, which meant seizing this market opportunity would only be made possible if we could move quickly and find an alternative lender that understood our vision for the business and could deliver a tailored solution.”
Lucie Martin, business development director for Reward Funding in Scotland, added: “We are seeing a significant increase in Scottish property investors and businesses approaching us because they have been unsuccessful in securing finance from traditional funders. Our purpose is to fill the void left by banks and offer an alternative solution which unlocks business growth opportunities for companies across a range of sectors.
“This also plays a wider role in ensuring the Scottish economy doesn’t stand still or even retract due to a shortage of finance. It’s been a pleasure working with Perry to provide the funding as a catalyst for future business growth and we look forward to supporting them every step of the way.”
