Finance Minister John O'Dowd has visited a new 24-bed aparthotel development in Derry, which is scheduled to open its doors this spring.

The project, led by the Duddy Group, is an extension of the Holiday Inn Express complex. It follows the successful launch of Kaboodle, a bar and entertainment centre, which opened at the same site last year.

Both developments were supported by a £3.3 million loan from the NI Investment Fund. Managed by the CBRE Lending team for the Department of Finance, the fund provides debt or equity finance for commercial property, regeneration, and low-carbon initiatives.

Minister O'Dowd said: "Tourism is a key driver of economic growth and community development. Investing in tourism creates jobs, sparks innovation, and supports sustainable progress.

"I was interested to hear from the Duddy Group how funding from my Department through the Investment Fund has been instrumental in delivering this project which is supporting 30 new jobs.

"The aparthotel and entertainment complex received a loan of £3.3million from the Fund which shows how targeted investments can really make a difference in helping developers progress projects. "The outcome is an attraction that not only helps address regional imbalance but boosts local tourism and helps unlock economic growth."

The development has revitalised a site that had remained vacant since the early 1980s. Brendan Duddy Jr, of the Duddy Group, highlighted that the investment was critical in transforming the derelict space into a visitor attraction.

Brendan Duddy Jr said: "The Investment Fund has been critical in providing the funding for Kaboodle entertainment centre at Holiday Inn Express complex. This has proven to be a major attraction for visitors and locals coming to spend time in Derry.

"The development of the short-stay tourist apartment suites as part of the Holiday Inn Express complex provide facilities for visitors from overseas, the south and any one visiting the city.

"This site had been empty since demolition of the former site in the early 80s. Similar to the location Kaboodle now operates from which hadn't had any business operating there for over a decade."

William Church from CBRE Lending added that the project aligns with the fund's strategy to enable employment-led schemes. Since 2017, the NI Investment Fund has issued £178.5 million in loans, supporting more than 5,180 jobs across the region.