Tetrarch secures €14.5m from sale of Jacob's Inn
Leading Irish hotel owner Tetrarch Hospitality is understood to have secured in the region of €14.5m from the sale of the successful Jacob's Inn Hostel in Dublin city centre to international private equity fund Patron Capital LLP.
The deal represents something of a coup for John Ryan of CBRE's hotel and licensed division. Ryan had been guiding a price of €13.5m for the property when he offered it to the market last May.
Commenting on the completion of the deal, he said: "There was significant national and international interest from those looking to acquire an established, high quality and profitable hostel in the heart of Dublin. A multitude of hostel operators with well-established businesses across Europe took part in a highly-competitive sales process."
Ryan added: "The hostel has a highly-skilled and motivated management and staff team and now with experienced and progressive new owners at the helm, they will be encouraged to further enhance the property which will allow it reach its full and exciting potential."
Located on Talbot Place, just off Talbot Street, and in the heart of Dublin City Centre, Jacob's Inn is a modern hostel with 428 bed spaces, generous common areas and roof terrace. The area surrounding the property has experienced a resurgence over recent years to the point where it has become a mecca for budget accommodation and holiday makers, providing a suitable launch pad for those visiting Dublin.
Jacob's Inn is within a two-minute walk of a range of public transport facilities, including Connolly mainline railway station and Dart stop, the Luas red line stop at Store Street and Busaras (Dublin's main bus station). The property is also within easy walking distance to a host of Dublin's main tourist attractions, including Trinity College Dublin (Book of Kells), the GPO, Dublin Castle, Temple Bar and Ireland's most-popular tourist attraction, the Guinness Storehouse.
Jacob's Inn was first opened in 1997 and in the intervening period has become a well-established and profitable hostel. Since its acquisition by Tetrarch in 2014, an extensive programme of refurbishment has taken place to enhance and improve the existing facilities. The hostel boasts 65 modern bedrooms offering a range of accommodation facilities including dormitories and private rooms to accommodate 428 bed spaces.
Other facilities within the hostel include an open plan reception area, a chill-out area, games room, guest self-catering kitchen, dining room, laundry room and an extensive luggage storage area. On the third floor there is an outside terrace with excellent views of Dublin.
Earlier this year, Tetrach Hospitality's parent group, Tetrarch Capital, sold the Mount Wolseley Hotel & Golf Resort in Tullow, Co. Carlow to Davy Real Estate on behalf of the Strategic Capital Investment Fund plc for €14.25m. The fund is owned by Thomas Roggle, a high-net-worth Austrian investor.
The sale of the Mount Wolseley was handled by John Ryan's colleague at CBRE's hotel and licensed division, John Hughes.