Global real estate advisor, CBRE has confirmed that following an off-market process, Midwest Holding AG has sold The Moxy Dublin City to The MHL Hotel Collection for a price in the region of €35m.
The hotel benefits from its association with Marriott Worldwide being branded as the Moxy Hotel and the first Moxy in Ireland. Whilst this was an off-market sale, the process attracted strong interest from a significant number of established domestic and international property investors, hotel funds, and private equity companies. CBRE says the process highlights that the level of international interest remains robust for Dublin as an attractive location for hotel investment.
The Moxy Dublin City enjoys a position fronting Sackville Place and Marlborough Street, immediately behind the new Clery’s development. The hotel, which opened in October 2019 comprises 157 stylishly designed bedrooms with extensive bar/restaurant space on the ground floor.
The MHL Hotel Collection is the second largest hotel group in Dublin city centre with approximately 1,400 bedrooms across seven hotels. It also owns hotels in Galway, Limerick and Enniskerry (Powerscourt).
Commenting on the sale, Senior Analyst at CBRE Ireland, 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."