George Best Hotel owner says investors are trying to save project

A group of Northern Ireland businessmen are reported to be heading a plan to finish work on the ill-fated George Best Hotel project in Belfast.

Signature Living Hotels announced back in June 2017 that it planned to open a luxury venue in the historic Scottish Mutual Building at Donegall Square but worked stopped in April 2020 when the owners, Bedford Hotel Ltd, a subsidiary of Signature Living, went bust owing investors millions.

However, Signature Living’s owner Lawrence Kenwright has said a 49-strong group of investors has now accepted an invitation to work with  him to try and save the development and their money.

The George Best Hotel property company will be chaired by Co Antrim businessman Stephen Kearney, who will oversee refinancing and development, while Mr Kenwright will act as CEO.

The group, chaired by County Antrim businessman Stephen Kearney, will now oversee refinancing and development work with Lawrence Kenwright acting as their CEO.

Mr Kearney, who invested in the hotel in 2018, said: “It’s been a turbulent journey for us and for Signature Living, but there is hope now that all can be resolved with the George Best Hotel administration.

“It’s certainly not a time to give up. We have seen how Lawrence Kenwright has been reorganising his company since last April, and how well his hotels have been performing when allowed to trade during the pandemic and since the last English lockdown was lifted.

“We have also been struck by Lawrence’s sincerity, his openness and commitment to us. In this type of situation, I’ve only ever seen people run away. Not Lawrence. He has stood his ground and reached out to the investors. He wants to do the right thing by us. One can’t fail to be impressed by his courage and integrity. We all agree that we are better together as a group to stave off a potential write off.”

The GB Hotel investor group is alsoe being advised by fellowr Northern Irish businessman Thomas Scullion, himself a Signature Living investor, who chairs UK Accommodation Group (UKAG), which he and fellow investors set up to restructure Signature Living’s operations in September last year.

‘Unique circumstances’

Lawrence Kenwright said: “We have faced a unique set of circumstances in trying to finish the George Best hotel and I am extremely grateful for this support.

“The uncertainty of Brexit in 2019 was unsettling for developers and then the pandemic struck, forcing the closure of our venues for the majority of the last 15 months making it extremely difficult to attract new funding and the GB hotel investors understand that.

“I am steadfast in my determination to recover the Signature Living business and to ensure that all my room owners’ and unsecured investors’ interests are to the fore, rather than being left at the back of the queue as invariably they are in these situations.”

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