Barnacles hostels sold for more than €12m

Property developer John Lally of MHL Hotel Collection has sold two Barnacles hostels in Dublin and Galway for more than €12 million – about €1 million more than the guide price.

The Dublin Barnacles hostel in Temple Bar, which made more than €8 million, includes 171 bed spaces across 35 rooms and three floors.

The new owners are Mm Capital, a real-estate investment and development firm founded in 2013 by Peter Leonard and Derek Poppinga.

The four-storey Galway Barnacles hostel, with 112 bed spaces at Quay Street and six more on Kirwan's Lane, has changed hands for more than €4 million. The property was purchased by a company associated with the Burkeway Group and is to be rebranded as Snoozles. The company also operates the Nox Hotel at Headford Road and Snoozles hostel on Forster Street in Galway.

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John Hughes of CBRE said the sale of the two Barnacles hostels was greatly helped by the fact that both occupied prime trading positions in the heart of Temple Bar in Dublin and Quay Street in Galway.