Tetrarch to invest €25m in aparthotel near TCD
Property investment group expected to invest €100m to expand portfolio
Tetrarch Capital managing director Michael McElligott, Tetrarch Hospitality managing director Damien Gaffney and director of operations at Tetrarch Hospitality Glenn Valentine. Photograph: Jason Clarke
Irish property investment group Tetrarch Capital intends to invest €25 million in a 178-unit aparthotel on a site close to Trinity College in Dublin as part of a wider plan to grow its portfolio of accommodation interests here that will involve investing an additional €100 million over the next three years.
The company has also created Tetrarch Hospitality to manage its hospitality, leisure and accommodation portfolio. It has appointed Damien Gaffney as managing director, to also take on the role of chief operating officer for the wider Tetrarch Capital group. Glenn Valentine, the current general manager of Citywest Hotel in Co Dublin, has been appointed director of operations within hospitality division.
“The scale of the business demanded a formal approach to our hospitality operations to maximise the value of each of the assets,” Tetrarch’s chief executive Michael McElligott told The Irish Times.
Tetrarch Hospitality will initially operate and manage properties at Mount Juliet in Kilkenny, the Citywest Hotel and the Dawson Hotel in Dublin, Killashee House Hotel in Kildare, Mount Wolseley in Carlow, Clonmel Park Hotel in Tipperary and the Jacob’s Inn hostel in Dublin.
Tetrarch is also seeking planning permission to build a 158-bed hotel at Sackville Place in central Dublin.
It recently acquired a half-acre site on Mark Street, less than 50 metres from the proposed new entrance to Trinity College. This will be developed as an aparthotel offering bedroom accommodation and kitchen facilities, aimed at three- to seven-night stays.
“We are in the process of acquiring a number of other sites,” Mr McElligott said, adding that it was focused on “at least one other large site, if not two, in Dublin 2”. It is also eyeing trading properties in Belfast, Cork and Galway.
Mr McElligott said Tetrarch sought to add a number of hostels, hotels, aparthotels, student accommodation and residential schemes to its portfolio and wanted to acquire other golf resorts and courses, expanding on its interests at Mount Juliet, Mount Wolseley and Citywest.
Tetrarch Capital has about €500 million of assets under management, with 60 per cent in hospitality and accommodation. It co-owns and manages assets with a combined 2.5 million sq ft, with other investments including the Marker hotel in Dublin, and the Powerscourt Hotel in Enniskerry.
Tetrarch employs about 2,500 people across its hospitality portfolio while their combined revenues would be close to €100 million this year.
At Mount Juliet, it is building a standalone 8,000sq ft clubhouse, to open in June. It is renovating the original house and adding 74 bedrooms in a €15 million investment. It has also begun to refurbish the 774-bedroom Citywest Hotel. The improvements will take 18 months and cost between €12 million-€15 million. At Powerscourt, a €1 million-plus upgrade of rooms and common areas will begin in January.