BAM seeks buyer for 220-bedroom hotel on site of former Cork city tax office
Sullivan's Quay scheme will feature 12-storey landmark tower
The development of a new 220-bedroom hotel on the site of the former tax office on Sullivan's Quay in Cork is expected to attract a wide range of Irish and international investors looking for a foothold in the city.
Agent CBRE has been instructed to offer the hotel for sale in advance of its delivery by its current owners, Bam Property Ltd. The hotel will be delivered to a specification pre-agreed between the parties.
The proposed hotel will form part of a mixed-use scheme designed by Scott Tallon Walker Architects, comprising the hotel itself and 8,000 sq m (86,111 sq ft) of Grade A office space. Located on the site of Cork's former tax office, the new hotel will extend to 14,680 sq m (158,014 sq ft), and will feature a landmark 12-storey tower and executive lounge on its top floor.
The hotel's planning permission provides for 220 bedrooms ranging in size from 21 sq m (226 sq ft) to 31 sq m (334 sq ft), with suites of up to 60 sq m (646 sq ft). The proposed bedroom mix currently includes 118 king bedrooms, 60 double-double bedrooms, 29 suites and two presidential suites.
The proposed hotel will have a 327 sq m (3,520 sq ft) restaurant with a private dining area of 36 sq m (387 sq ft).
Additionally, the ground floor internal courtyard will provide space for outdoor dining, while the 159 sq m (1,711 sq ft) bar area will provide seating for approximately 70 patrons. The first floor will include nine meeting rooms (10-12 person capacity), a conference and banqueting space of 215 sq m (120 guests seated), as well as two break-out spaces, welcome area and a bar.
The hotel will also include a gym on the first floor, as well as an executive lounge on the 10th and 11th floors. The space on the 10th and 11th floors could also be used as a presidential suite.
In terms of its location, the proposed hotel will occupy a pivotal position in Cork city centre. This will be further enhanced by the hugely-anticipated development of the €73m Cork Event Centre on nearby South Main Street. The 6,000-capacity arena is expected to deliver an additional 200,000 visitors into Cork City annually.
Commenting on the opportunity the proposed hotel on Sullivan's Quay presents, John Hughes of CBRE said: "Over the past six years, Cork City has seen exceptionally strong hotel performance with continuous growth both in terms of room rate and occupancy. RevPAR (Revenue per available room) saw an impressive 12.24pc compound annual growth rate between 2012 and 2018.
"Hotels have benefitted greatly from increased visitor numbers, especially in conjunction with numerous multinationals setting up their operations in Cork, as well as the success of Fáilte Ireland's 'Wild Atlantic Way' tourism initiative."