On behalf of MM Capital, JLL has announced the successful disposal of the recently refurbished and repositioned Temple Bar Lane, which has been sold to a private investor for a sum in the region of the €11 million guide price.
Situated in Dublin's Temple Bar area, the property originally opened as the 171-bed Barnacles Hostel in 1997, and it includes development potential within its existing envelope, with the potential to add eight guestrooms internally.
JLL advised the vendor as the selling agent, while Shane Markey in Lisney advised the purchaser.
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Dan O'Connor, executive vice president, JLL Hotels & Hospitality Group, commented, "The deal marks the first major hotel sale in Temple Bar since 2018. Hotels in Temple Bar are rare, with less than 1,000 keys in the district. Hostels are even rarer, with just 118 rooms/dormitories located in Temple Bar. As a result, the sales process attracted significant domestic and international interest and we are delighted to ultimately conclude a sale to an Irish buyer."
Peter Leonard, MM Capital, commented, "We would like to thank Dan and the JLL team for another fantastic result and wish the new owner the best with the future operations of the asset. We would also like to thank Sheila O'Riordan and all her team at Hotel Properties for doing a fantastic job in repositioning and operating the asset on our behalf throughout our ownership."
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.