€80M And Rising As Dublin Hospitality Deals Just Keep Getting Bigger
The €80M development on a 1-acre site at Townsend Street will involve the demolition of Neds. The demolition was the subject of a long planning dispute, now resolved by An Bord Pleanála.
Work on a 393-bedroom budget hotel, as well as a 202-unit Staycity aparthotel, ground-floor restaurant and 21-unit apartment block is expected to start late this year for completion in 2020, Hospitality Ireland reported.
Tetrach has been behind some of the largest hotel developments in the capital, including the €35M expansion of the Dawson Hotel and the creation of a 158-bedroom hotel at Sackville Place. The group is hoping to raise between €200M and €300M via an initial public offering, The Irish Times reported. The IPO is expected in autumn 2018, the paper said.
The move comes just days after U.K. chain Wetherspoons announced it was to start work on an €18.5M hotel development at Camden Street Upper. They plan a 92-room hotel. The development is Wetherspoon's largest in Ireland.
Grosam Properties have also announced a 100-bed hotel plan for George Street.
According to Deloitte's Dublin Crane Survey, 929 hotel rooms were developed over the course of 2017.