CBRE HOTELS SELLS THE HILTON DUBLIN AIRPORT HOTEL
CBRE Hotels Dublin on behalf of their clients, the P. J. Walls Holdings Group are delighted to confirm that unconditional contracts of sale have now been exchanged for the Hilton Dublin Airport Hotel, a high quality 4 star Hilton branded hotel asset – in an off market deal to Irish investors including Emerald Investment Partners (EIP) and Windward Management www.winmgt.ie, headed up by Patrick Coyle.
The Hilton Dublin Airport Hotel is a very successful and profitable 4 star hotel property, primarily serving the Dublin Airport hotel, leisure and corporate market and operating successfully under a long term management agreement with the prestigious Hilton brand since it opened. The hotel is the flagship property in Northern Cross, a mixed use development that includes high end offices, retail and residential apartments. Developed to a very high standard in 2005, the hotel has 166 spacious and air conditioned en suite bedrooms, a comprehensive food & beverage operation, several function rooms and a selection of boardroom suites and meeting rooms. The property also has extensive and secure underground parking and operates a shuttle bus service between Dublin Airport and the hotel.
The successful, off market sale of the 4 star Hilton Dublin Airport Hotel confirms that there is a very strong and continuing demand for profitable, modern and well located hotels in Dublin. It also confirms the city’s status as an important European hotel market and as a location much sought after by astute investors.
PwC’s latest European Cities Forecast predicts that Dublin will see the highest ADR growth of any major European city for both 2016 & 2017, the second highest occupancy in 2016 and will be the strongest European market for RevPar growth in 2017. With a record 8.6m visitors to Ireland last year – up 13.7% on 2014, most of whom arrive through Dublin Airport - a strengthening economy boosting corporate demand and little new supply, the future is bright for the Dublin Hotel sector.