Dalata set to knock Tara Towers to replace it with new hotel and apartment complex
Hotel operator Dalata is ready to knock the Tara Towers hotel in Dublin 4, and replace it with a new hotel and apartment complex.
One of the country’s biggest residential landlords, IRES, has already signed a contract to buy the residential complex of 69 units and basement car park for €42.4m (plus Vat) once it is built. Its roughly €600,000 per apartment but the final numbers will depend on a so called Part 5 allocation of social and affordable units which has to be agreed with Dublin City Council.
Dalata bought the hotel on a 1.46 acre site two years ago for €13.2m. It is close to St Vincent’s hospital in an upmarket area of south Dublin, overlooking the sea.
Demolition will commence shortly, the company said. The 140 bedroom 4 star Maldron Hotel is planned to open in early 2021. Builder McAleer and Rushe has been appointed as contractor for the scheme, which is expected to cost €51m.