The first high-quality Dublin hotel to be offered for sale this year, the Hilton Dublin Airport Hotel on the Malahide Road at Northern Cross, Dublin 1, is expected to attract interest from Irish and overseas investors when it goes on the market from today.
Dan O'Connor of agent JLL Is guiding in excess of €22.5 million for the four-star hotel, which is reputed to be showing annual trading profits of more than €2 million. Hilton receives an annual management fee and the balance of the profits goes to the property owner.
Offered for sale on a long leasehold title with 475 years still to run at a nominal rent, the 166-bedroom hotel has been in business for almost 12 years close to the M1 and the M50 motorways, a few miles from the airport. Apart from the strong demand for bedrooms, the hotel trades exceptionally well in its recently refurbished Burnell bar and grill.
O’Connor said the hotel was the only Hilton-branded hotel in the airport catchment and boasted one of the best quality hotel products in the market.
Jack Fox of JLL Hotels & Hospitality Groups said the hotel was operating in a market that experienced 8 per cent growth in revenue per available room.
The Dublin Airport market was substantially undersupplied and there remained a significant growth potential, he said.