Now, the hotel in question, has been bought for c€6 million by a private investor, and is likely to be significantly reinvested in and upgraded.
Lynham’s Hotel, developed out a former bank premises in 2001 and turned into a low-profile hotel albeit in a top location, had ceased trading after a landlord/tenant court row: it was placed in receivership by Nama in April, before being put up for sale for receiver Aiden Murphy of Crowe Horwath, via CBRE, guiding excess €4m.
The hotel, currently not trading, includes 42 en suite bedrooms and runs to a floor area of 13,800 sq ft, with frontage to O’Connell Street next to a McDonalds restaurant and a Spar (not part of the sale), and has rear access from Henry Place.
Sold earlier also on O’Connell Street was the 320-bed Gresham Hotel, bought for €92 million by Spanish group Riu who saw off rival bids from Irish operators like Tifco.
Agent John Hughes of CBRE noted that the more modest size and scale Lynham’s “occupies a superb trading location, opposite The Spire, a Dublin landmark on O’Connell Street, the principal street of the city.”
“The sale of Lynam’s Hotel generated significant interest from investors and hoteliers, and reiterated the continued demand in hotels offered for sale in Dublin city. The hotel offers an excellent opportunity to re-establish a thriving business in one of the best and most central trading locations in Dublin”.
It’s within a few minutes walk of major tourist attractions such as TCD, Temple Bar, Grafton Street, Guinness Storehouse and St Stephen’s Green.
It’s also very accessible to the port tunnel for airport access as well as to major venues such as the 3 Arena, Convention Centre, and sports stadia.
Close-by, significant other developments include a €368m LUAS Cross City, linking bustling shopping streets Henry Street and Grafton Street, as well as redevelopment of the former Clery’s department store, the Dublin Central site and the Parnell Street Quarter.
: CBRE 01-6185500