Harcourt Street veterans Brian and Sally McGill have emerged as the buyers of a substantial vacant office block at 72-74 Harcourt Street, which they are hoping to extend and convert into a 152-room hotel.
The property hit the market in June 2015 with an asking price of €15 million and finally sold for more than €18 million. It extends to 3,215sq m (35,000sq ft) and features an original Georgian facade, with extensive 1970s offices to the rear, along with 50 parking spaces.
The McGills already operate more than 150 hotel rooms on the street between ventures such as the Harcourt Hotel and Harrington Hall, in addition to eatery 1900 and nightclubs Black Door and DTwo – all just doors away from their latest project.
Company filings indicate the McGills are being funded by Sankaty Advisors, who recently registered a charge against Olema Consultants, the McGills’ unlimited company, and assets such as the newly acquired office block. Last year Sankaty acquired Ulster Bank’s Project Coney, comprising loans relating to 36 hotels, 66 pubs and other assets.
Nearby at 16-18 Lower Pembroke Street, Plaza on the Square, a company owned by Delaware- and Cyprus-based companies, has revived its plans to convert a vacant office block into a 108-room hotel. The plans involve the demolition of 1,116sq m of office accommodation and the construction of a 3,590sq m (39,000sq ft) extension.
A number of other hotel projects in Dublin 2 are also planned. Dalata are set to construct a 181-room hotel on Charlemont Street, right across from the Hilton at Charlemont Place, where billionaire John Malone is seeking planning permission to add 97 rooms. British hotel group Marlin is building a 190-room hotel behind the St Stephen's Green shopping centre and pub group JD Wetherspoon are awaiting planning permission for a 98-room hotel on Camden Street.
