Less than two years after buying the Ibis Hotel opposite the Red Cow Luas interchange in west Dublin for more than €5 million, the owners are planning to capitalise on its continued success by selling it off for over €13.5 million.
The 150-bedroom limited service hotel is owned by a mainly UK consortium known as Cannock Ltd and operated on a franchise basis by Accor Hotels under the Ibis brand. The complex is to be offered for sale along with an adjoining site of 0.81 of an acre zoned for residential use.
The two properties may be sold in one lot or separately with the hotel priced at €13 million and the site at €500,000. One of the attractions of the Ibis is its substantial car park with 180 spaces.
‘Significant investment’
The 17-year-old hotel has two meeting rooms and an open plan ground floor space featuring the hotel reception, bar, lounge and dining areas to cater for around 100 customers. In the last 14 months the owners have made a “significant capital investment” in the bedrooms, upgrading them to modern brand specifications at a cost of €1.5 million.
Dave Murray of selling agent Christie & Co said the planned sale of the Ibis presented a rare opportunity for investors and developers to acquire a highly profitable, limited service hotel along with an adjoining development site beside Ireland's busiest motorway junction – the M50/N7 intersection.
The Ibis is strategically located about 20 minutes drive from the city centre and has experienced a significant improvement in trade in the last 24 months.
