Council turns down option to buy City Centre hotel for homeless executive
Dublin City Council has turned down an offer from NAMA to facilitate the sale of an O’Connell Street Hotel for the Dublin Region Homeless Executive.
Earlier today, Dublin City Council confirmed that they were in negotiations with the Region Homeless Executive regarding Lynam's Hotel on Upper O'Connell Street.
However, the City Council has decided against purchasing the building, despite NAMA offering to facilitate the sale.
The hotel is located near the spire and hosts 42 ensuite bedrooms.
In relation to the sale, a NAMA spokesperson said: “NAMA has a long-standing policy of facilitating the acquisition by public bodies of property from its debtors or receivers, by affording public bodies the first option on the purchase on the basis of the property's assessed current market value,” a spokesperson said.
This news comes after four of the five homeless families living in the hotel were found alternative accommodation earlier today.
Lynam's Hotel has been ordered close down on Monday, August 1.