Property investor lodges plans for 159-unit aparthotel in Dublin city centre
Property investor Tetrarch Capital has applied for planning permission to build a 159-unit aparthotel development off Pearse Street in Dublin city centre.
The scheme would be leased long-term to Irish serviced apartment company Staycity. Aparthotels offer bedroom accommodation similar to hotels while also including kitchens to facilitate self-catering.
Tetrarch plans to invest €25m in the development, which it aims to complete by the end of 2018, subject to planning.
The company's chief executive, Michael McElligott, said the Dublin aparthotel market is "very undersupplied".
"Tetrarch Capital sees extremely strong demand for this type of accommodation from domestic and international travellers, particularly from visiting families.
"Our design team have produced an extremely high-quality proposal and we are optimistic of securing planning permission for a project that will help address the acute shortage of aparthotel accommodation for visitors to Dublin," he said.
Staycity chief executive Tom Walsh said it was the company's first purpose-built aparthotel scheme in Dublin and that Staycity wants to become Europe's leading aparthotel operator.
Sunday Indo Business