German Investor Deka Immobilien Wins Dublin’s Marker Hotel

Main Photo: The Marker Hotel roof-bar

Date: September 2019

Location: Grand Canal Dock, Dublin, Ireland

Name: The Marker Hotel – five star

No. of Keys: 187

Seller: Midwest Holding AG, and an investor group led by Kevin McGillycuddy’s Brehon Capital Partners.

Brehon and Midwest acquired the Marker Hotel and the adjoining Marker Residences in 2011 for about €30 million. While the hotel required significant investment before opening for business in 2013, both the cost of its original purchase and fit-out were reported to have been “essentially covered” by the €50.1 million sale of the Marker Residences to Ires Reit in 2014.

Buyer: Deka Immobilien, who already two hotels in the city, after launching its presence there in 2016 by purchasing the former Burlington Hotel and the four-star Gibson Hotel in 2017, for €87m.

In 2016, the German fund made its first foray into the Dublin hotel market, paying US private equity giant Blackstone €182 million to secure ownership of the former Burlington Hotel in Dublin 4.

Located at Grand Canal Dock, the Marker Hotel comprises 187 guest bedrooms. In terms of amenities, the hotel’s current offering includes the Brasserie and Marker Bar, luxurious spa facilities, the Marker Rooftop Bar & Terrace and extensive conference and banqueting rooms.

We believe the hotel has planning for another 60 rooms, on an additional three floors. The sale was handled by CBRE.

Price: €130m

Price per Key: €695,187

THPT Comment: Great deal for Midwest and Brehon…but there was significant interest when the hotel hit the market at a guide price of €125m. THPT published the opportunity in June 2019 on our Hotels Available report.

First Seen: Irish Times

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