Commercial real estate services firm CBRE has announced that the Moxy Dublin City hotel has been sold to The MHL Hotel Collection for a price in the region of €35 million.
The sale follows news from March that the 157-bedroom hotel, which is positioned fronting the capital's Sackville Place and Marlborough Street, was reportedly for sale in an off-market process and was expected to sell for approximately €35 million.
An article announcing the sale published on cbre.ie stated that the Moxy Dublin City hotel was sold in an off-market sale by Midwest Holding AG to The MHL Collection.
CBRE said that the sale process "attracted strong interest from a significant number of established domestic and international property investors, hotel funds, and private equity companies."
According to CBRE, the Moxy Dublin City Hotel will be The MHL Hotel Collection's "third Marriot branded hotel alongside the five-star Westin Dublin and Powerscourt Hotel Resort Spa."
CBRE Senior Analyst Statement
In a statement published on cbre.ie, CBRE senior analyst Alexandra Sheeran said, "The Moxy Dublin City is the first major deal to close in just over a year in the Dublin Hotel Market. The level of interest shown from investors gives us great confidence for future transactions in Dublin and its new owners MHL, will benefit considerably from the major developments planned in the immediate area including the redevelopment of Clery’s Department Store and the exciting plans Hammerson have for their Dublin Central site."
MHL Hotel Collection Partner Statement
In a statement also published on cbre.ie, The MHL Hotel Collection partner Paul Higgins said, "The last 15 months have been very difficult for our staff, customers and everyone in the sector. We are pleased that hotels will be opening from 2nd June 2021 and hope that the rest of the hospitality sector can follow soon. We are delighted to have purchased the Dublin Moxy. While there will inevitably be challenges over the next 12 months, this purchase highlights our confidence and belief in the long term prospects for our well located and managed hotels."
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