O'Connell Street hotel hits the market with €4m price tag
Published 22/09/2016 | 02:30
Hotel operators and investors have the opportunity to secure a foothold at the heart of Dublin's O'Connell Street and to take advantage of the area's ongoing regeneration with the launch of the former Lynam's Hotel on the market with a guide price in excess of €4m.
Located next to Dublin city landmarks the GPO and the Spire, the 42-bedroom hotel, which isn't trading currently, extends to some 1,280 sq m (13,800 sq ft) and includes a ground floor, self-contained café/restaurant facility, offering potential buyers the opportunity to take advantage of O'Connell Street's significant footfall.
That footfall and demand for accommodation in Dublin city centre is poised to increase even further with the planned redevelopment of the former Clerys department store, the nearby Dublin Central site and the Parnell Quarter.
The opening of the Luas Cross City extension in 2017 will also bring Lynam's within easy reach of Grafton Street on the south side of the River Liffey. The hotel will be just two stops from Trinity College once the new line begins to operate.
Originally a bank premises, the four-storey building was redeveloped as a hotel in 2001. More recently the hotel, which was put into receivership by Nama in September 2015, was one of a number of properties being used by Dublin City Council to provide emergency accommodation.
CBRE Hotels' sale of the property on the instruction of Aidan Murphy, of receivers Crowe Horwath, does not include the Spar shop at ground level, which is separately owned and not involved or in any way affected by the sale process.
Commenting on the sale, John Hughes of CBRE Hotels said: "The sale of Lynam's Hotel offers an excellent opportunity to re-establish a thriving, high-occupancy business in one of the best and most central trading locations in Dublin city centre. The sale will generate keen interest from existing hotel operators and investors."
Demand for hotel rooms in the capital is acute and set to grow even further.
Despite the dearth of visitor accommodation in Dublin, this year will see the opening of just one new hotel - the 198-room Holiday Inn Express at Findlater House on O'Connell Street.
The arrival of that hotel will see a net gain of just 16 additional hotel bedrooms for Dublin city, owing to the closure and demolition earlier this year of the 182-bedroom Clyde Court Hotel (formerly the Berkeley Court) in Dublin 4.
Dublin was Europe's third best performing hotel market by RevPAR (Revenue Per Available Room) growth in 2015. The latest STR data released last Tuesday shows that in Dublin, RevPAR grew by 11pc in the month of August and is now up 19.4pc in the year to date.