Tetrarch Capital has submitted a planning application to Dublin City Council for a 159 unit aparthotel development on Mark Street, off Pearse Street, in Dublin 2.
Tetrarch has stated that the proposed aparthotel will be leased on a long term basis to serviced apartment specialists Staycity.
Staycity Mark Street will have 159 individual aparthotel units equating to 184 bedrooms in total and a gross floor area of c. 6,600 sq ms.
Tetrarch said it will offer leisure and business travellers "the ideal home away from home in what is a truly prime hospitality location in Dublin city centre", being within 50 metres of Trinity College Dublin, 600 metres from Tara Street and Pearse Street train stations and within 5-10 minutes walking distance of the South and North Docks, Grafton Street and St. Stephen’s Green.
Units will range from studios to 1 bed suites and will be suitable for between 2-4 guests per apartment.
Tetrarch plans to invest €25m in the development which is targeted for completion by the end of 2018, subject to planning approval.
Michael McElligott, Chief Executive of Tetrarch Capital said: "We are delighted to have submitted our planning application for the proposed Staycity aparthotel development on what is a superb site on Mark Street. The Dublin aparthotel market is very undersupplied and Tetrarch Capital sees extremely strong demand for this type of accommodation from domestic and international travellers, particularly from visiting families. Our design team have produced an extremely high quality proposal and we are optimistic of securing planning permission for a project that will help address the acute shortage of aparthotel accommodation for visitors to Dublin."