Construction work is due to start on site by year’s end for a 165-bed Cork city centre hotel, adjacent to the bus station and alongside the Prism office tower site: both key sites cleared planning in recent weeks.
Behind the 165-bed Parnell Place city hotel, described as boutique style and aimed at the budget market, are Tetrarch Capital, who also last week completed a major deal to take over Howth Castle and Demesne, on 530 acres, taking ownership from the Gaisford-St Lawrence family who have had the estate for over 800 years.
Tetrarch’s portfolio includes the Mount Juliet Estate, The Marker Hotel, The Dawson Hotel, Powerscourt, Citywest Hotel and Convention Centre, Killashee Hotel, The Clonmel Park Hotel and, now Howth Castle and Demesne where it plans a new luxury hotel and upgraded golf course(s), with some residential development scope also.
No sale price was disclosed for the lengthily negotiated Howth Castle and Demesne transaction.
Tetrarch Capital acquired its Cork hotel site in 2017, for a reported €2.75m via Lisney, acting for Cork City Council who had assembled the site at Parnell Place, Deane Street and Oliver Plunkett Street Lower, netting a c €1m profit for the Council.
City Hall planners approved the Parnell Place hotel project in December 2018, and a single appeal to it was withdrawn last week, clearing it for development.
Sources says site work — which includes adaptation of listed 19th century warehouse buildings — will start in Q4 of this year, with a targeted completion date of 2021. A contractor has not yet been publicly identified.
It will follow the official opening of the similar scale 164-bed Maldron Hotel 250m away on Parnell Place two weeks ago, while the Maldon’s Parnell Place Italian restaurant is now scheduled for a Q4 opening.
Close too, the new 136-bed Dean Hotel for Press Up Entertainment is under advancing construction by the Kent Railway Station, part of the HQ development by BAM/Clarendon, with CIE.
Nearby, the ‘Grand Dame’ Metropole Hotel has planning for a second hotel, the M, on St Patrick’s Quay/Harley St by the just-installed Lee’s north river channel footbridge.
Tetrarch’s first Cork hotel foray, in addition to its 165 bedrooms, will have a food hall, shop and café/retail unit, fronting onto an internal courtyard, with access to the hotel from both Parnell Place and Deane St, by the Prism/flatiron 15-storey office tower.
Sources say the as-yet unnamed Tetrarch hotel will have a broad mix of rooms types and sizes, and will pitch to corporate and leisure guests.