LEADING Irish investment and hotel asset owners Tetrarch Capital plans two Cork city centre hotels in side-by-side 19th century stone warehouse building being sold by Cork City Council, who had acquired them from Nama.
The firm Tetrarch — which has assets above €450 million and employs 1,400 across its properties — has offered to pay €2.75m for Nos 7, 8 and 9 Parnell Place, by the bus station, which went to market with a €1.95m guide via agents Lisney.
Tetrarch Capital, previously trading as Brehon Capital, has emerged as the preferred bidder and the proposed sale is to be put to city councillors Monday next for consideration.
The aspirant buyers are skilled in hotel acquisition and currently own CityWest at Saggart; the Powerscourt Hotel (previously the Ritz Carlton); the Marker in Dublin city centre; the Clonmel Park; Mount Juliet in Kilkenny, and just last month sold off the Mount Wolseley in Carlow.
It is developing a hostel-style hotel next to Busarus in Dublin (the former Jacobs Inn). In Cork, Tetrarch Capital has signalled its intention to develop a compact budget boutique hotel plus a designer hotel, with bar and restaurant at 8 Parnell Place.
Neither Lisney director Margaret Kelleher or City Hall would comment on the sale prior to next week’s meeting, but in a prior advisory note sent to councillors City CEO Ann Doherty said an assessment board was happy that “the design and layout showed a high level of sophistication and appropriateness for the buildings and site, having regard to heritage sensitivities and the high-profile location.”
Other imminent hotel developments nearby include the Dalata site on Parnell Place and the Metropole redevelopment across the Lee from Merchants Quay.
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