Business

McGettigan group opts to sell five-star Dubai hotel with asking price of €60m

Brochure notes that 208-room hotel has 70% occupancy, average room rate of about €114 nightly and net profit of €3.4m

The five-star Voco Bonnington Hotel in Dubai. Sale of the property is to include the freehold.

Barry J Whyte
Fri Apr 5 2024 - 05:45

The McGettigan Group, the hotel and hospitality business owned by the McGettigan family, is looking to sell its 40-storey five-star Dubai hotel.

The property is located at the Jumeirah Lakes Towers and is operated in a franchise deal with global hotel giant IHG under its Voco brand as the Voco Bonnington Dubai.

It is part of a group of hotels owned by the McGettigan family, with others in Dublin, Cork, Limerick and Glasgow.

According to a brochure, the sale includes the freehold with an asking price listed as 236 million AED (United Arab Emirates Dirham), equivalent to nearly €60 million.

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The brochure notes that the hotel has a 70 per cent occupancy rate, an average room rate of 450 AED, equivalent to about €114 a night, and a net profit of 13.5 million AED or €3.4 million. The property has 208 rooms.

The hotel was built by the McGettigan family on what Dennis McGettigan once described in a newspaper interview as “a patch of sand” his father Jim bought in 2005.

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Dennis McGettigan has run the hotel since it was opened in 2010, with the name Bonnington name taken from a hotel the family had previously owned in London. Mr McGettigan declined to comment on the sale.

The McGettigan family has been involved in the hotel and pub business for several decades. Jim McGettigan bought a hotel on Queen Street in Dublin in 1964.

The family also owns the former Regency Hotel, the site of a fatal shooting in 2016 during a boxing weigh-in. That hotel was rebranded in 2017 as the Bonnington Dublin, having received a roughly €28 million investment from several backers, including alternative lender Broadhaven Credit Partners and Irish financier Dermot Desmond.

The other McGettigan-run hotels include the North Star Hotel and the Address on Amiens Street in central Dublin, the Kingswood Hotel in Citywest, the Ambassador in Cork, as well as hotels in Donegal, Wicklow, Wexford and Limerick.

The family also has an extensive chain of pubs worldwide, with bars in Ireland, the United Arab Emirates, London, and Indonesia.

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