Brehon Capital has acquired the award-winning Dublin hostel for in the region of €7 million, according to reports.
The investment group, whose previous acquisitions have included the high-end Mount Juliet and Mount Wolseley resorts, the Powerscourt hotel in Wicklow and the Marker Hotel on Grand Canal Square, has nabbed the 420-bed Jacobs Inn hostel in central Dublin to add to its portfolio.
When contacted by Hospitality Ireland about the takeover, Brehon Capital said it was not going to comment, however The Irish Times today reports that Brehon has acquired the property in partnership with Pimcoa, a US investment group. The hostel, located at Talbot Place in Dublin, was put up for sale by CBRE and KPMG earlier this year, following Ulster Bank previously taking control of its loans.
A strong performance, a central location and the purpose-built nature of the property were cited as the major reasons behind the acquisition.