The Ascott Ltd, a member of CapitaLand, one of Asia’s largest real estate companies, has acquired a 136-unit Temple Bar hotel on Fleet Street in Dublin for €55.1 million.
It will be the group's first foray into Ireland, adding to its current €1.2 billion portfolio across Europe.
A company press release states that the World Bank's 'Doing Business Report' rated Ireland as amongst the easiest places in the EU to start a business. The country had the highest revenue per available room (RevPAR) growth rate in Europe in 2015 and the city is expected to top the list again in 2017, according to PwC Ireland.
Lee Chee Koon, Ascott’s chief executive officer, said: "Ireland’s pro-business environment has attracted some of the world’s biggest companies such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin. Ireland is also used as a launch pad to the European Union by many US companies and US is amongst Ascott’s top source markets globally. Ascott’s entry into Ireland will cater to this rising demand for accommodation by corporate and leisure travellers. The acquisition will boost Ascott’s €1.2 billion portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020."
Alfred Ong, Ascott’s managing director for Europe, added: "We look forward to bringing our signature hospitality to Ireland with a centrally located and quality accommodation in Dublin for our corporate and leisure guests. Acquiring an operating property in Dublin will give us a much faster time-to-market. The property has been achieving over 80 per cent occupancy in the last few months and we are confident that we will be able to add value to this prime asset. There are already plans to rebrand the property at a later date."