Glenveagh Properties Sells Planned Premier Inn Hotel Site In Dublin
Glenveagh Properties has sold a planned Premier Inn hotel site in Dublin to German investor Union Investment.
As reported by The Irish Independent, Dublin-listed Glenveagh Properties has sold the planned 262-bedroom hotel site in Dublin's docklands as part of a forward-funding arrangement that's worth approximately €70 million and that will result in Union Investment taking ownership of the planning hotel.
Glenveagh Properties reportedly said in statement that the planned Premier Inn hotel will be a "key component" of a larger mixed-use development, which will be called the Freight Buildings and also include 1,256 apartments and 12,545 square metres of office space, at Castleforbes in the capital's docklands area.
Glenveagh Properties CEO Statements
Glenveagh Properties CEO Stephen Garvey reportedly said that Glenveagh Properties is "delighted" to partner with "the hotel experts" of Union Investment on the development.
The Irish Independent quotes Garvey as saying, "This marks the start of delivery of a significant development in the docklands which will provide a sustainable mix of residential, hotel and office accommodation in this prime city centre location.
"The project forms part of a wider master plan for our Dublin docklands sites and is testament to our commitment to keeping sustainable development at the heart of everything we do."
Construction of the hotel is scheduled to start in July, and the hotel is scheduled to be ready to open in the autumn of 2023.
The hotel will be operated Premier Inn owner Whitbread under the Premier Inn brand.
Goodbody Analyst Statement
The Irish Independent quotes Goodbody analyst Dudley Shanley as saying, "We have always expected the sale of the hotel would be logical at some point, however, the nature of the forward-funding deal provides a degree of comfort that there is an appetite for forward-funding deals to be done at the docklands.
"While this is clearly a different sort of forward-funding deal to the residential deal that is hoped for at some stage this year, it is nonetheless a good start for Glenveagh's docklands project."
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