Denis O'Brien Investing in New Dublin Hotel
Billionaire Denis O'Brien has invested several million into the a new hotel being developed in Dublin's Blackpitts area.
According to the Sunday Times, the owner of media company Communicorp is a key investor in the new €40 million project, which is being undertaken by BAM Ireland.
The new 202-room hotel is being built on the site of the former Tenters pub in the Blackpitts area of the Liberties in Dublin 8. BAM Ireland is seeking further investment to fund revised plans. It has announced that an "international group" will operate the hotel.
O'Brien owns one hotel in Ireland, the four-star Ballynahinch Castle Hotel in Co. Galway. He also owns one in Portugal and and another in Haiti. He made an unsuccessful bid on the former Four Seasons Hotel in Dublin 4, which is now owned by US billionaire John Malone.
There is currently a shortage of hotel rooms in the capital. A recent report found that an extra 5,000 rooms will have to be added in the next five years to cater for demand.