- 42-bedroom hotel has guide price of €4m
- Net gain of just 16 bedrooms in Dublin this year
The 42-bedroom former Lynam’s Hotel on O’Connell Street is for sale with a guide price of €4m.
The 1,280 sq m (13,800 sq ft) property includes a ground floor, self-contained café/restaurant facility. Originally a bank, it was redeveloped as a hotel in 2001. It was put into receivership by NAMA in September 2015, and was one of a number of properties being used by Dublin City Council to provide emergency accommodation.
Just one new hotel is opening in Dublin this year, the 198-room Holiday Inn Express at Findlater House on O’Connell Street bringing a net gain of just 16 additional hotel bedrooms for Dublin city, owing to the closure and demolition earlier this year of the 182-bedroom Clyde Court Hotel (formerly the Berkeley Court) in Dublin 4.
Dublin was Europe’s third best performing hotel market by RevPAR (Revenue Per Available Room) growth in 2015. The latest STR data shows that in Dublin, RevPAR grew by 11pc in the month of August and is now up 19.4pc in the year to date
CBRE Hotels’ sale of the property on the instruction of Aiden Murphy, of receivers Crowe Horwath, does not include the Spar shop at ground level, which is separately owned and not involved or in any way affected by the sale process.
John Hughes of CBRE Hotels said: “The sale of Lynam’s Hotel offers an excellent opportunity to re-establish a thriving, high-occupancy business in one of the best and most central trading locations in Dublin city centre. The sale will generate keen interest from existing hotel operators and investors.”
