Dalata buys Dublin City Centre hotel site for €8m to build 137 bedroom operation
Irish hotel operator Dalata has acquired a hotel development site on Kevin Street in Dublin City Centre for €8.1m.
The site is located at the junction of New Street South and Kevin Street upper, close to Stephen's Green.
An Bord Pleanála granted permission for a hotel development on the site in November of last year. The planning application includes a basement car park of 23 spaces, a reception area, a café and bar and restaurant, as well as 137 bedrooms over five rooms.
Dalata intends to begin construction of a Maldron Hotel in the final three months of this year with the ambition of having the hotel operational by mid 2018.
The firm said total investment into the project upon completion will be around €26m and will lead to the creation of 70 new jobs.
Dalata deputy chief executive of business development and finance Dermot Crowley said the purchase was a very "exciting opportunity" for the firm.
"The Dublin hotel market continues to perform very strongly in 2016, and we look forward to this Maldron Hotel contributing significantly to the Company performance in the future," Mr Crowley said.