Union Investment, a German-based real estate investment manager, has purchased the planned 262-bedroom Premier Inn hotel at Castleforbes in the Dublin Docklands.
The hotel, which is currently in development, will house 262 rooms spread over nine floors.
Construction is expected to begin in July of this year and completion is scheduled for autumn 2023. The hotel is already let to Premier Inn on a 25-year lease.
The project site is located in the Castleforbes submarket in the northern Docklands. According to the group, it benefits from “excellent public transport links” and is within “easy reach” of important demand generators in the city.
The vendor and developer of the hotel project is Glenveagh Properties and the purchase price was not disclosed.
Andreas Löcher, head of investment management hospitality at Union Investment, said: “We are expecting demand for hotels to recover by 2023 -the year of completion – at the latest and we intend to further expand our high-quality portfolio through targeted acquisitions. It currently comprises around 80 hotels.
“We will focus primarily on core products with resilient concepts and operators. The planned Premier Inn hotel is a core property in one of Europe’s best performing hotel markets.”