iNua buys €7.25m hotel

Privately owned property investment firm iNua Hospitality has expanded its hotel portfolio with the €7.25m purchase of the four-star Hibernian Hotel in Kilkenny.
iNua buys €7.25m hotel

The deal boosts iNua’s asset portfolio to four properties, following its purchases of the Radisson Blu hotels in Cork and Limerick in 2014 and the acquisition of the Muckross Park Hotel in Killarney at the turn of the year.

The investment vehicle was established in 2012, with a remit to purchase and invest in four- or five-star properties, chiefly outside of the Greater Dublin area.

“This was a unique opportunity to acquire an unrivalled boutique and profitable hotel at an attractive price,” chief executive Noel Creedon said yesterday.

“The purchase is consistent with iNua Hospitality’s strategy in investing in well-located, four and five-star profitable hotels.”

The Kilkenny hotel has also consistently generated high profitability and the company now plans to refurbish the 46-room property.

“The Hibernian Hotel is a well-established hotel, centrally located in the historic heart of one of Ireland’s main tourist destinations. The hotel provides strong year-round trade,” said Mr Creedon.

The company said earlier this year that it had a warchest of around €20m to spend on hotels in 2015. This deal would still leave the bulk of it unspent and iNua is open to making more acquisitions, without the need for additional financing.

However, a spokesperson said yesterday that, given the policy of only looking at assets outside of the Dublin market, current further investment opportunities are relatively “few and far between”.

Meanwhile, it emerged yesterday that global real estate investment firm, Kennedy Wilson has secured planning permission for its proposed integrated office and residential development joint-venture with Nama, at Dublin’s Sir John Rogerson’s Quay.

The so-called ‘Capital Dock’ project is one of the largest undeveloped sites in Dublin and will deliver over 660,000 square feet of new space.

This will include 316,000 sq ft of office space across three buildings and 204 high-quality residential units across three buildings, one of which is a 23-storey tower marking the gateway to the city.

Kennedy Wilson and Nama expect to commence on site by December, with the first office buildings available from mid-2017.

Kennedy Wilson Europe chief Peter Collins said the development will have “a transformative effect” on the area.

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