This post first appeared at Independent.ie
Hospitality property activity is continuing. Dublin Loft Company, headed by members of the Cosgrave property family, has sold the newly built 163-bedroom Big Tree Dorset Street Hotel close to Croke Park stadium. The purchaser is a joint venture between Mm Capital and RoundShield which has teamed up with operator Cliste Hospitality which plans to open for business in December.
The price was not revealed.
Three other Dublin north city hotels have sold this year achieving an average of about €300,000 per bedroom. While that suggests a 163-bedroom hotel could attain €48m, that average is boosted by the upmarket Morrison and each of the others being better located in the city centre corporate market.
Located on a 0.45-acre corner site, the Big Tree also includes a restaurant and a rear terrace.
Dan O’Connor, executive vice-president JLL, advised the vendor.
Meanwhile, Loyola hospitality group is seeking more than €2.8m for the landmark Eagle House pub in the coastal village of Glasthule, south Dublin.
The property comprises a ground floor lounge bar which extends to 382 sqm together with a catering kitchen, customer toilets and storage areas.
Its first floor extends to 252 sqm and is occupied by Rasam Restaurant on a long-term lease. To the rear of the property is a car park with parking for 24 cars. Headed by Stephen Cooney and Brian O’Malley, Loyola is selling to concentrate on expanding its Portuguese businesses.