Dublin Hotel Site And Dublin Hotel Hit The Market
A hotel Dublin hotel site and a Dublin hotel have hit the market.
Vicar Street Hotel Site
As reported by The Irish Times, a hotel site on Vicar Street in the Liberties area of Dublin is being sold via commercial real estate services firm CBRE with a guide price in excess of €12 million.
Vicar Street music venue owner Harry Crosbie reportedly secured full planning permission for an eight-storey, 185-bedroom hotel on the site in 2019.
Construction on the hotel was reportedly due to commence shortly after the development was given the green light, with a view to completion the following year, however, this was delayed, reportedly largely due to the COVID-19 pandemic.
Senior analyst at CBRE Alexandra Sheerhan reportedly said, "The Vicar Street Hotel site is an exclusive opportunity for parties to develop a boutique/lifestyle hotel in one of Dublin’s most vibrant and developing areas."
Sheerhan reportedly added, "There is strong demand for Dublin city centre hotel development opportunities that have been offered for sale recently and we continue to see strong pent-up demand from international parties looking to invest."
Gardiner Street Hotel
As also reported by The Irish Times, a number of properties on Dublin's Gardiner Street Lower including a budget hotel are being sold via CBRE for €9 million.
Numbers 88-89 Gardiner Street Lower, Dublin 1, house budget hotel My Place, which reportedly includes 35 en-suite rooms and 52 hostel beds.
The sale reportedly also includes Mabbot House, on the adjacent Mabbot Lane, which comprises 10 apartments, and reportedly also offers development potential, as My Place reportedly has planning permission for development at the rear to provide for an additional 33 bedrooms. The development will reportedly require the demolition of an existing warehouse on Mabbot Lane.
Director with CBRE John Hughes reportedly said, "The sale of this extensive city centre accommodation business with planning granted for further development is likely to appeal to a wide range of potential buyers, including owner operators, investors and developers."
Hotel Sales Prove Resilient In 2021
Hotel sales have reportedly proven resilient in 2021, with transactions in the first nine months of the year reportedly being worth exactly double what was achieved in all of 2020, and reports of strong pent-up demand from investors reportedly making for a busy end-of-year ahead.
Dublin's Morrison Hotel was purchased by London-based private equity firm Zetland Capital in May, the Moxy Dublin City hotel was sold to The MHL Hotel Collection in the same month, Glenveagh Properties sold a planned Premier Inn hotel site in Dublin to German investor Union Investment, and earlier this week it was reported that Dublin Loft Company has sold the newly built 163-bedroom Big Tree Dorset Street Hotel close to Croke Park to a joint venture between Mm Capital and RoundShield that has teamed up with operator Cliste Hospitality and that the Slieve Donard Resort and Spa of Co. Down has been sold Adventurous Journeys (AJ) Capital Partners.
CBRE figures have reportedly revealed that 12 major sales were completed in the hotel sector in Ireland during the first nine months of 2021, reportedly bringing total spend to over €330 million, which was reportedly exactly double the value of deals in the Irish market over the whole of 2020. Those figures reportedly do not include the Slieve Donard deal, which will reportedly be included in CBRE’s fourth quarter statistics.
While the value of hotel sales in 2021 reportedly will not exceed that of pre-pandemic 2019, they reportedly will comfortably more than double 2020’s business, and 2022 reportedly looks set to be even busier.
Pipeline developments in Dublin reportedly include a four-storey over-basement hotel along the narrow walkway connecting Temple Bar Square to the Ha'penny Bridge, am eight storey 54-bedroom hotel including a rooftop bar and restaurant on Meetinghouse Lane near Capel Street, and a recently-approved nine-storey, 142-bedroom hotel at the corner of Capel Street and Strand Street Little in Dublin 1
Additionally, a potential hotel site on Molyneux Lane in Dublin 8 has hit the market via commercial real estate services firm Cushman & Wakefield for €15 million. The development proposed for the site would reportedly comprise an eight-storey-over-basement-level contemporary hotel with a café, a restaurant and a bar.
Sheeran, who reportedly noted that Dublin 8 was nominated by TimeOut magazine as the 15th coolest neighbourhood in the world in which to live, reportedly said, "There is great interest in Dublin 8 now,", and that there are major developments in planning, particularly those by Guinness's parent company, Diageo, to redevelop 12 acres of its complex at St James's Gate.
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.