Sunday 23 September 2018

Dublin city hotel portfolio sold off market for €7.5m

The Maple Hotel and adjoining Othello Guesthouse were sold to an investor as part of the Gardiner Street portfolio
The Maple Hotel and adjoining Othello Guesthouse were sold to an investor as part of the Gardiner Street portfolio
Ronald Quinlan

Ronald Quinlan

A portfolio of hotel and guesthouse accommodation on Gardiner Street Lower in Dublin city centre has been sold in an off-market transaction for over €7.5m, the Irish Independent has learned.

John Hughes of CBRE's hotel division brokered the sale to an investor of the Maple Hotel and adjoining Othello Guesthouse, the Glen Guesthouse and Avondale House on behalf of receivers KPMG. While Hughes declined to comment on the deal, it is understood CBRE had been preparing to bring the three properties to the market for a guide price of €7m.

The sale of the portfolio may well represent the first hotel transaction to be recorded in the Dublin market in 2018.

The Maple Hotel, and Glen and Avondale guesthouses occupy a central location in Dublin city Centre. All are within a short walk of O'Connell Street, Temple Bar and Grafton Street, and numerous of city's major tourist attractions including Trinity College, the Guinness Storehouse. Dublin's main venues - the 3 Arena, the Bord Gais Energy Theatre, the Convention Centre Dublin (CCD), Croke Park and the Aviva stadium are all readily accessible.

The Maple Hotel includes two four-storey, over-basement Georgian buildings (The Maple Hotel and adjoining Othello Guesthouse), and comprises 34 ensuite bedrooms.

The Glen Guesthouse is a mid-terrace, four-storey, over-basement Georgian building comprising 31 ensuite bedrooms.

Avondale House includes two adjoining mid-terrace, four-storey, over-basement Georgian buildings comprising 31 ensuite bedrooms.

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