The building of a new luxury £12million hotel in Belfast is facing a major headache after it was revealed that it is facing a funding shortfall.
According to The Belfast Telegraph, the project to turn the city's six-storey listed Scottish Mutual building into a 40-bedroom hotel has hit a major stumbling block due to the shortfall of around £500,000 for key restoration work.
It's believed the shortfall has emerged amid a government grant freeze - one of several key redevelopments in danger of being put on ice due to the Northern Ireland Environment Agency's (NIEA) grant freeze.
The building was purchased by the Northern Ireland-based Hill Family, who also own the Galgorm Resort & Spa
The Belfast Telegraph reports that although the Department for the Environment claimed no grant had been officially offered, it's understood the firm was well progressed in discussions to secure in excess of £500,000 towards crucial restoration work for the listed building.
