Following quickly behind last week’s launch for sale of The Morrison Hotel, another Dublin hotel, also in a prime location, has come to the market. The sale is expected to attract both domestic and international interest.
Temple Bar Inn, a 101 guestroom hotel, on Fleet Street and just off Westmoreland Street, is being brought to the market with the benefit of vacant possession by JLL, quoting more than €50 million.
The hotel, which is being sold by Heights Hospitality Holdings, occupies a prime city centre location on Fleet Street in Temple Bar, close to Temple Bar Square, Trinity College, and many of Dublin’s big tourist attractions.
The sale also includes a separate large ground-floor Tesco retail unit (tenant unaffected), in addition to 7 Westmoreland Street, a high-profile building that includes the recently opened Hellfire restaurant.
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The property comes to market with full planning permission for the development of an additional 121-guestrooms. This includes a 111-guestroom extension on Fleet Street, in addition to the development of 10 feature suites, above 7 Westmoreland Street.
Isobel Hotel, senior vice-president of JLL, said: “Combining a highly profitable trading business with a prime retail unit at ground floor level and the popular Hellfire Restaurant, the Temple Bar Inn offers a flagship opportunity in central Dublin. There is also valuable planning permission in place allowing a further extension of the hotel, bringing the total potential room count to 222.”
The ESB owned the building, which was formerly laid out as offices, but sold it for a reported €33 million in 2006 to a company controlled by Wexford-based Stafford Holdings, whose interests include Lifestyle Sports. Heights Hospitality subsequently purchased the building from Stafford Holdings and secured a number of planning permissions to extend the hotel. Heights Hospitality previously put the property on the market in 2019 for €45 million, but as the Covid-19 pandemic hit soon after, the property was withdrawn from the market.
It’s a busy start to the year for hotel sales. Last week, the Morrison Hotel, on Dublin’s north quays, was put on the market, with the sellers, a UK private equity investor, seeking €90 million-€95 million.
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