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London-based asset manager GWM Group has provided an approximately €58M senior loan to refinance a construction loan for a newly built three-star-plus, 249-key hotel with Hampton by Hilton, located in the centre of Dublin.
Facilitated through GWM’s Commercial Real Estate Debt Opportunities Fund, the financing was put in place for the hotel developed by JMK Group and opened in July 2022.
JMK Group already owns seven hotels across the UK and Ireland.
“This new addition is a key milestone for the CREDO Fund as it represents the first investment in Ireland," GWM Managing Partner Gennaro Giordano said. "In an environment where traditional lenders struggle to underwrite risks, the team remains focused in providing creative financing solutions to experienced sponsors and assets with strong fundamentals across Europe.”
Meanwhile, German investor Deka Immobilien Investment has returned to the acquisition trail in Dublin with a deal for a new hotel in the Liberties area.
The price being paid for the hotel at Newmarket Yards has not been disclosed but The Irish Times reported that Deka has agreed to pay about €36M on a forward-commitment basis to secure ownership of the property.
Upon completion in 2023, the new hotel will comprise 151 bedrooms along with three retail units. The hotel has been pre-let on a long-term lease to Premier Inn and forms part of the wider Newmarket Yards mixed-use scheme.
The development is being delivered by Carey Issuer, a company owned by Bain Capital, and it will also include 413 apartments along with associated amenities and a landscaped public realm area.
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