Leading Irish hotel group Dalata has snapped up a hotel site in Dublin 8 for €8.1 million, with the purchase price coming in €1.5 million above the guide price.
The site - the former Myra Glass premises which has been lying vacant for a number of years - is located at the junction of New Street South and Upper Kevin Street in the capital.
Planning Permission for a hotel development, granted by An Bord Pleanála in November 2015, includes a basement car park of 23 spaces, a reception area, café/bar and restaurant and 137 bedrooms over five floors.
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Construction of a Maldron Hotel is expected to commence in the fourth quarter of this year with the aim to have the hotel operational mid 2018. Total investment upon completion will be €26 million and will result in approximately 70 new jobs when open.
Dermot Crowley, Deputy CEO Business Development and Finance, said: "The purchase of this property is a very exciting opportunity for the Company and is consistent with our stated strategy of securing development sites for further new hotels in Dublin. The Dublin hotel market continues to perform very strongly in 2016, and we look forward to this Maldron Hotel contributing significantly to the Company performance in the future."