Centrally Located Modern Dublin City Hostel on the Market
Dublin, May 2017 – CBRE Hotels have today confirmed their instructions to offer the modern and centrally located Jacobs Inn Hostel, 21-28 Talbot Pace, Dublin 1 to the market for sale by private treaty. The property is being sold on behalf of Tetrarch Hospitality.
The sale of Jacobs Inn hostel presents an exceptional opportunity to acquire a modern, purpose built hostel with 428 bed spaces and excellent facilities and is presented in truly "turn-key" condition.
Jacobs Inn is located on Talbot Place, just off Talbot Street in the heart of Dublin City Centre. This area of Dublin has become a mecca for budget accommodation and holiday makers as it is the perfect launch pad for any visit to Dublin. It enjoys excellent infrastructure connectivity and is convenient to a range of public transport facilities including Connolly Mainline Railway Station, LUAS, DART and Busaras, Dublin’s main bus station. The hostel is also convenient to Dublin Airport and the ferry terminals at Dublin Port.
Within easy walking distance are a host of tourist attractions including Trinity College (Book of Kells), the GPO, Garden of Remembrance, Dublin Castle, Christchurch Cathedral and Guinness Storehouse. The property is also convenient to Temple Bar with its myriad of bars, restaurants and nightclubs and to the premier retail precinct of Henry Street / Mary Street including Jervis Shopping Centre and the Ilac Shopping Centre. The hostel is also within walking distance of the Abbey Theatre, Convention Centre Dublin (CCD), the 3 Arena, Bord Gais Energy Theatre, Aviva Stadium and Croke Park.
Jacobs Inn was first opened in 1997 and in the intervening period has become a well-established and profitable hostel. Since its acquisition by the present owners in 2014, an extensive programme of refurbishment has taken place to enhance and improve the existing facilities. The hostel now boasts 65 modern bedrooms offering a range of accommodation facilities including dormitories and private rooms to accommodate 428 bed spaces. Other facilities within the hostel include an open plan reception area, funky chill out area, games room, guest self-catering kitchen, dining room, laundry room and an extensive luggage storage area. On the third floor there is an outside terrace with excellent views of Dublin.
Offers in excess of €13.5 million are being sought for the property.
The sale of Jacobs Inn offers a superb opportunity to acquire an accommodation business of scale centrally located in the heart of Dublin City Centre. The hostel, which caters for both individual budget travelers and groups, is highly profitable with increasing revenues and is one of Dublin’s top rated hostels on Tripadvisor. As a result, it is likely to appeal to many hostel operators and investors as it is being offered unencumbered of brand or third party management agreements providing intending purchasers complete flexibility. Most importantly, the property is presented in "turn-key" condition with no substantial capital expenditure required. In addition, there is scope to further develop the business in line with the continued growth in tourism in the Dublin market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company, now employing over 132 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie.