Lynam’s Hotel In Dublin Sold For Well Above Guide Price
CBRE Hotels have confirmed the sale of Lynam’s Hotel on O’Connell Street in Dublin.
The hotel was recently offered for sale with a guide price in excess of €4 million, however The Irish Times reports that a private investor has snapped up the property for a figure believed to be close to €6 million, adding that it is likely to be refurbished and relaunched as a three-star or boutique hotel.
CBRE stated that Lynam's Hotel occupies "a prime trading location opposite The Spire, a Dublin landmark on O’Connell Street and the principal street of the city".
Major developments nearby include the €368m Luas Cross City extension and the redevelopment of nearby landmarks including the former Clery's Department Store, the Dublin Central site and the Parnell Street Quarter will rejuvenate this part of Dublin city centre.
According to CBRE, the hotel's proximity to public transport – the LUAS, DART and mainline railway stations – together with a journey time of under 30 minutes to Dublin International Airport, via the Dublin Port Tunnel, makes this an ideal location for visitors
The hotel, currently not trading, includes 42 en-suite bedrooms and extends to a floor area of 1,280 sq m. The hotel has frontage to O’ Connell Street and rear access for deliveries from Henry Place. The sale excludes the Spar shop which is separately owned.
"The sale of Lynam’s Hotel generated significant interest from investors and hoteliers and reiterated the continued demand in hotels offered for sale in Dublin city. The hotel offers an excellent opportunity to re-establish a thriving business in one of the best and most central trading locations in Dublin," said John Hughes, Director of CBRE Hotels.