Following the announcement in June that CBRE Hotels would be putting the Jacobs Inn Hostel on the market on behalf of Tetrarch Hospitality, it's now been revealed that Tetrarch has sold the venue to international private equity firm Patron Capital LLP for a figure in the region of €14.5 million.
As reported by The Irish Independent, the sale is quite a triumph for both Tetrarch and John Ryan of CBRE, who originally put the hostel on the market for a guiding price of €13.5 million.
Speaking about the sale, Ryan stated, "There was significant national and international interest from those looking to acquire an established, high quality and profitable hostel in the heart of Dublin. A multitude of hostel operators with well-established businesses across Europe took part in a highly-competitive sales process."
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Located on Talbot Place in Dublin, Jacobs Inn is comprised of 428 bed spaces and features a number of common areas as well as a roof terrace. It is also in close proximity to Connolly Station, Busaras, Store Street Luas stop and a whole host of the city's most popular tourist attractions, including Trinity College, Dublin Castle, the GPO and Temple Bar.