Following the recent news that Dublin property developer Chartered Land had submitted an amendment to Dublin City Council of previously approved plans for a 152-bedroom hotel to allow for the development of a 211-bedroom venue on the site of the former Jury's Hotel in Dublin's Ballsbridge, it has now been announced that the company is contemplating whether to go ahead with either a forward funding arrangement or a leasing deal for the planned hotel.
According to The Irish Times, the development cost of the proposed seven-storey hotel is currently undisclosed, but taking into consideration the fact that four and five-star Dublin hotels are trading in the region of €400,000 to €500,000 per key at present, it is thought that the Ballsbridge venue could end up costing €85-€100 million.
According to John Ryan of CBRE, the hotel will be offered to the market "with considerable flexibility" and interest is being sought from known hoteliers and investors via options such as "forward commit, forward fund or subject to a lease".
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.