On behalf of Stellar Asset Management Limited, JLL has advised on the successful sale of the internationally branded ibis Dublin Hotel, located just off the Red Cow Roundabout, at Ireland’s largest motorway intersection.
The property has been sold to Propiteer Ibis Red Cow Limited, for a price in excess of €14.0M. Propiteer is a leading Irish and UK property investor, with extensive real estate and hotel holdings across Europe.
The recently refurbished 150 guestroom hotel, which was sold subject to an existing franchise agreement with Accor, will continue to be successfully managed by Interstate Hotels & Resorts.
Dan O’Connor, Senior Vice President, JLL Hotels & Hospitality Group commented:
“The ibis Dublin sale attracted numerous bids from both domestic and international buyers and we are delighted to conclude this transaction with Propiteer and their partners. The sale is testament to the significant investment and asset management undertaken by the current owners and their operator, Interstate Hotels & Resorts, over recent years”.
Jack Fox, Hotel Agent, JLL, further noted:
“Buyer demand for Dublin hotels remains deep and robust. With YTD 2018 RevPAR growth running at +9%* in Dublin, we expect to see strong buyer interest for Dublin hotels throughout the remainder of 2018, as the trading conditions are currently among the most attractive in Europe.”
The Seller was advised on the transaction by JLL, William Fry and Grant Thornton. The Purchaser was advised by DWF and Roberts Nathan.