A former Loreto hostel on St Stephen's Green, Dublin, which now has planning approval to convert it into a luxury 81-bedroom hotel, will be offered for sale from today through CBRE Hotels.
John Ryan of that agency is inviting offers in excess of €16 million for No 77 St Stephen’s Green, which was sold by the Loreto nuns almost a year ago for €7.55 million.
The owners overcame considerable opposition from the Department of Foreign Affairs, the Office of Public Works and the Irish Georgian Society before receiving approval for the hotel.
The original Georgian house will have eight suites along with a range of graceful reception rooms. A former chapel will be converted into a distinctive restaurant and bar, while the planned new nine-storey block to the rear will accommodate 73 guest bedrooms, each with average floor areas of 22.5sq m (242sq ft).
When completed, it is envisaged that the hotel will trade as a four-star business next to the Department of Foreign Affairs on the south side of the St Stephen’s Green. The Dublin hotel market has traded exceptionally well in recent years with the main city centre hotels frequently full to capacity.
John Ryan said he was anticipating strong interest from national and international hoteliers, investors and developers, as well as possible interest from the office sector. A recent feasibility study by the vendor indicated that the property had a possible office development potential of 5,220sq m (56,187sq ft).
No 77 was built for the Earl of Glandore in 1765. It was bought by the Loreto Sisters in 1911 to use as a hostel for young women from outside Dublin attending the National University at nearby Earlsfort Terrace, which had begun enlisting women students just three years previously. Loreto Hall remained in use for "country girls" going to colleges in the city until the 1990s.