Hotel developments for Parnell Place

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.