Mm Capital look set to take advantage of the expected post-Covid resumption in demand for hotel accommodation with the sale of a new hotel in Dublin's Temple Bar.
Just four years on from its €8 million acquisition of the then 171-bed Barnacles Hostel from the MHL Hotel Collection, the Irish real estate investment and development group is offering the property to the market through agent JLL at a guide price of €11 million. The Temple Bar Lane as it is now known has, in the interim, been refurbished and repositioned as a 36-key boutique hotel.
The subject property enjoys a prime position in what is arguably one of Dublin’s best trading locations, Temple Bar, which experiences extremely high bed night demand all year round.
Temple Bar Lane is being offered for sale with freehold and equivalent long-leasehold title and the benefit of full vacant possession. The property has further development potential within its existing envelope, with immediate scope for the addition of eight guest rooms. The sale also includes a ground-floor cafe unit on Cecilia Street (tenant not affected).
Dan O’Connor, executive vice president of JLL’s hotels and hospitality division says: “Hotels in Temple Bar are rare, with less than 1,000 keys in this coveted leisure district. Hostels are even rarer, with just 118 rooms/dormitories located in Temple Bar. Given the tightly held nature of the Temple Bar market, we are expecting strong domestic and international interest in the Temple Bar Lane, which has recently been repositioned to a boutique hotel.”
Jack Fox, associate within the same division at JLL, added: “The Temple Bar district has experienced several new developments in recent years which will benefit the Temple Bar Lane, with the immediate vicinity uplifted by exciting projects such as Central Bank Plaza, a new Hard Rock Hotel and the repositioning of the Morgan Hotel.”