Wednesday, August 27 10:38:39
The Property and Leisure unit of insurers, FBD, is selling its Temple Bar Hotel in the heart of Dublin for between E27m and E30m.
CBRE Hotels Dublin have been appointed as sellers for what it says is a highly profitable three star hotel with 132 en suite bedrooms, a food and beverage operation and one of the Dublin's favourite late night spots - Alchemy Night Club.
Developed and opened in 1994, it is being offered unbranded which will allow the new owner decide whether to trade under its already strong independent name or relaunch the hotel with a top international brand, as either a franchise or with the benefit of a full Management contract.
"Many of the better known global brands are still not represented in Dublin city centre and the opportunity to have a flagship property in the very heart of Temple Bar will be a major attraction for these brands and for the specialist hotel investors who provide the equity and support to these branded hotels," CBRE said.
The key performance statistics for the Dublin hotel market over the last three years show strong RevPar growth and this trend is continuing right through 2014 to date. Dublin is already one of the top three best performing hotel markets in Europe and PwC's forecast for this year and 2015 suggest it will remain amongst the best performing European markets for at least the next two years.
Dermot Curtin, Director of CBRE Hotels said: "The sale of the Temple Bar Hotel offers Irish and International hotel investors an outstanding opportunity to acquire a prime and profitable asset in a key international capital city. Profitable and well established Dublin city centre hotels rarely come to the market and this sale is especially significant as the Temple Bar hotel is being offered unbranded, freehold and with vacant possession. The successful purchaser will have the choice to continue trading under the already well established and independent 'Temple Bar Hotel' name - in its own right already a premium brand - or, as this modern hotel will easily convert, consider a franchise or a management contract with a well known international hotel brand, many of which are extremely eager to establish a flagship presence in the ever more lucrative Dublin city centre market,"
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