Five-star Marker Hotel in Dublin comes to market at €125m
Full planning permission for 60 additional guest rooms
The Marker is being offered for sale with the benefit of full planning permission to add a further three floors The hotel sits immediately adjacent to the Bord Gáis Energy Theatre and Facebook’s European headquarters
A wide range of Irish and international investors are expected to express their interest in the sale of Dublin’s five-star Marker Hotel. The property has been brought to the market today at a guide price of €125 million.
The sale of the hotel by CBRE follows several reverse inquiries in recent years from prospective purchasers to its current owners, Midwest Holding AG, and an investor group led by Kevin McGillycuddy’s Brehon Capital Partners.
Brehon and Midwest acquired the Marker Hotel and the adjoining Marker Residences in 2011 for about €30 million. While the hotel required significant investment before opening for business in 2013, both the cost of its original purchase and fit-out were reported to have been “essentially covered” by the €50.1 million sale of the Marker Residences to Ires Reit in 2014.
But while Midwest and the investors led by Brehon Capital look to be in line for a significant return on their investment in the Marker, the hotel still offers what Paul Collins of CBRE describes as a “rare opportunity”, and further potential for its prospective purchaser to exploit its position in the Dublin hotel market.
Quite apart from its existing 187 guest bedrooms, the Marker is being offered for sale with the benefit of full planning permission to add a further three floors, which will provide for an additional 60 bedrooms, and a new rooftop bar and brasserie that will trade all year round.
The Marker Hotel’s current offering includes the Brasserie and Marker Bar, luxurious spa facilities, the Marker Rooftop Bar & Terrace and extensive conference and banqueting rooms.
In terms of its location, the Marker is well-placed to take full advantage of both the record levels of visitor numbers to Dublin and the demand by corporate occupiers for office space in the city’s thriving docklands area. The hotel sits immediately adjacent to the Bord Gáis Energy Theatre and Facebook’s European headquarters at Grand Canal Dock, and within a short distance of the offices of other major international employers such as Google and Airbnb.
The soon-to-be-constructed U2 Visitor Centre on Hanover Quay, which is set to become a major tourist attraction for the city, will be located less than 100m from the hotel.
Commenting on the opportunity the sale of the Marker Hotel presents, Mr Collins, CBRE’s head of hotel investment properties UK & Ireland, says: “Since its opening in 2013, this hotel has established itself as a true landmark in the city and has played host to a myriad of celebrities, politicians and business people. The very valuable planning permission to increase the bedroom count to 247 keys will further improve the hotel’s already-strong trading performance.
“This is an exceptional opportunity to acquire a luxury hotel, free of branding or management, which provides a purchaser with flexibility and a range of options for future asset management initiatives.”
Further information on the sale of the hotel is available on www.project-checkmate.com.