Shut Down for a Decade Dublin Hotel Bought by Austrian Investor
Main Photo: Harvey’s Point Hotel, Co. Donegal acquired by TMR earlier this year.
Date: November 2019
Location: Dublin, Ireland
Name: Tallaght Cross Hotel – opening 2020
No. of Keys: 186
Seller: The hotel was developed by Nama-bound builder Liam Carroll as the last boom ended in 2008, and which has remained closed for almost a decade. An unnamed private investor bought it from Nama about four years ago and sold to TMR. An associated apartment development was previously acquired from Nama by IRES Reit.
Buyer: A Dublin hotel, that has been shut for close to a decade, has been bought by an Austrian investor.
TMR Hotel Collection announced today that it had acquired the 186-bedroom Tallaght Cross Hotel.
They say they are planning a “multi-million euro refurbishment” of the hotel and plan to open it as a four-star hotel in early 2020.
TMR Hotel Collection said the opening will create 70 jobs and it is the third hotel purchase by the group this year.
In May it acquired two four-star hotels; the Plaza Hotel in Tallaght and Harvey’s Point in Donegal.
They said in a statement that: “Acquisition and investment expenditure in these 3 hotels will be close to €60m.”
Eimear Fox, Director of TMR Hotel Collection, said: “We are delighted to have completed the purchase of Tallaght Cross Hotel which we expect to re-open in early 2020 creating over 70 permanent jobs.
“Over the coming months we will implement a multi-million euro investment programme at our Tallaght Cross and Plaza Tallaght hotels which we see as a major vote of confidence in the area and a substantial boost to tourism and the local economy.”
In the same month, Ruby Hotels of Germany also have been active in Dublin…Ruby has signed to open a hotel in Dublin, Ireland. The 8 storey, 278 room property has been backed by InfraRed Capital Partners, reports London’s Times.
The redevelopment, which will replace a warehouse, is awaiting approval from planning authorities. Ruby currently has six hotels open, with a further 12 in development.
InfraRed, once part of Charterhouse Bank, started in 1990, acquired by HSBC in 2000, then underwent a MBO in 2011, is involved in many large infrastucture projects around the world…but a new entrant to the world of hotels, we think. InfraRed is headed up by Werner von Guionneau, CEO.
Investment: In the three hotels €60m
THPT Comment: A quiet new entrant to the Irish hotel scene, Thomas Roeggla, has assembled a portfolio of about 13 Irish hotels over the last five years, operating under the TMR Hotel Collection banner.
First Seen: Breaking News Ireland
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