Clink Expanding Its Hostel Portfolio In Dublin And Lisbon After Receiving Backing From Bain Capital
Clink is expanding its hostel portfolio in Dublin and Lisbon after receiving €30 million in backing from Bain Capital.
As reported by The Sunday Independent, industry sources say that a planned new Dublin hostel will cost €20 million, supported by Bain Capital, and a planned new Lisbon hostel will cost from €15 million to €20 million.
Clink Chief Executive Statements
Clink chief executive Mark Fenelon reportedly said that most tourist accommodation that is being built in European capital cities including Dublin is made up of three-, four- or five-star hotels, and Fenelon reportedly said that, as a result, travellers can reach these cities for very little on a Ryanair flight only to find "a lack of high-quality, ultra-budget accommodation".
Fenelon reportedly estimated that 83% of accommodation is three-star and upwards in Dublin alone, and reportedly said, "We're able to sell a bed to tourists for 20 quid a night in a nice central location, but you will probably be sharing a room with a few other people."
Fenelon reportedly said, "Prior to the pandemic, people visiting Dublin were spending €30 or €40 each way on a flight, but when it comes to accommodation, they were in for a shock."
Fenelon reportedly believes that the company is tapping into a big gap in the budget end of the market, and reportedly said, "A lot of [hostels] are very good hostels, but they are single property or single ownership hostels and don't have the strength to get them through this period."
Dublin And Lisbon Hostels Information
A nine-storey Clink hostel currently being built on Dublin's Abbey Street is reportedly set to open at the start of 2023 and will reportedly have 144 rooms and 628 beds, with a mixture of two, four, six, eight and 12 beds per room.
The hostel in Lisbon is reportedly still going through planning and is reportedly planned to be located in an old postal building on Rua da Palma in the city centre and contain 700 beds.
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