Monday 19 February 2018

Dublin Citi Hotel goes on the market for €3m

Peter Flanagan Commercial Property Editor

A hotel in the centre of Dublin has come up for sale with an asking price of €3m.

CBRE has confirmed that it has been instructed to sell the Dublin Citi Hotel on Dame Street, Dublin 2.

The property, which is being sold as an investment whose tenant/operator is not affected by the sale, is being sold on the instructions of receiver Tom Kavanagh, of Kavanagh Fennell.

The Dublin Citi Hotel is said to be one of the best located hotels in the capital, situated on Dame Street with return frontages to both Crow Street and Fownes Street.

The hotel is a former banking hall with a 18th Century listed granite façade which was converted into hotel use and is let to JJ Red Holdings Limited on a 35-year lease from January 2007 at a contracted rent of €530,000 per annum.

Dublin Citi Hotel comprises a five storey over basement, 27 bedroom three star hotel investment property. The accommodation comprises ground floor hotel reception, lounge bar and catering kitchen with a basement nightclub and storage areas. There is a first floor bar area while the hotel bedrooms are located on the upper three floors. The premises extends to approximately 1,341 sq m.

John Ryan of CBRE, who is handling the investment sale, said that a hotel investment property such as this with long term income, will appeal to the large number of investors (both national and international) who have been chasing investment opportunities in the Dublin area. On top of that, the Dublin hotel market continues to improve with occupancy and room rates improving over the past 12 months assisted by increasing tourist numbers and the global economic revival.

The property is beside the Central Bank plaza and is in the heart of the main entertainment and tourist area. The combination of bars, restaurants, nightclubs and theatres in this area combine to make it a hub of activity, say CBRE.

The property also adjoins Temple Bar and is convenient to a host of tourist attractions including Trinity College, Dublin Castle, Guinness Storehouse and the National Gallery.

The property is also convenient to the principal shopping precincts of Grafton Street and Henry Street and is well served by public transport.

This is the latest in a string of city centre hotels to have come on the market in recent months, as investors search for suitable investments.

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