The Moxy hotel in Dublin has been sold for around €35m, in what is the first major hotel sale in the capital city this year.
Investment group Midwest Holding sold the hotel to The MHL Hotel Collection, whose brands also include The Westin, The Intercontinental, Powerscourt Resort, The Morgan, and the Strand Hotel in Limerick.
A statement from real estate group CBRE said that while the hotel sale was an off-market deal, the transaction attracted “strong interest from a significant number of established domestic and international property investors, hotel funds, and private equity companies.”
The Moxy Dublin City is located immediately behind the new Clery’s development in Dublin’s north inner city.
The hotel, which opened in October 2019 is made up of 157 bedrooms, with extensive bar and restaurant space on the ground floor.
Following this acquisition The MHL Collection, which was formed in 2013 by its three partners John Malone, Paul Higgins and John Lally, will comprise 12 hotels.
Paul Higgins, partner at The MHL Hotel Collection, said the last 15 months have been “ difficult” for staff, customers and everyone in the hotel sector, as the Covid-19 pandemic battered tourism sector.
“We are pleased that hotels will be opening from 2nd June 2021 and hope that the rest of the hospitality sector can follow soon. We are delighted to have purchased the Dublin Moxy,” Mr Higgins said.
“While there will inevitably be challenges over the next 12 months, this purchase highlights our confidence and belief in the long-term prospects for our well located and managed hotels,” he added.
The Moxy Dublin will be its third Marriot branded hotel alongside the five-star Westin Dublin and Powerscourt Hotel Resort Spa.
The MHL Hotel Collection is the second largest hotel group in Dublin city centre with approximately 1,400 bedrooms across seven hotels.
Alexandra Sheeran, senior analyst at CBRE Ireland, said: “The level of interest shown from investors gives us great confidence for future transactions in Dublin and its new owners MHL, will benefit considerably from the major developments planned in the immediate area including the redevelopment of Clery’s Department Store and the exciting plans Hammerson have for their Dublin Central site.”