City Hostels In Dublin And Galway Sold
Dublin, 16 November 2018 – CBRE Hotels have confirmed the sale of two city hostels; Barnacles Hostel, Temple Bar, Dublin 2 and Barnacles Hostel, Quay Street, Galway.
Barnacles Hostel Dublin is superbly located in the heart of the vibrant Temple Bar area adjacent the Temple Bar pub, the Temple Bar Music Centre and Meeting House Square. Temple Bar is a popular tourist, artistic and cultural quarter renowned for its eclectic mix of restaurants, cafes, bars and late-night entertainment venues along with theatres, museums and art galleries. Barnacles Hostel Dublin comprises 171 bed spaces with 35 rooms over three floors.
Barnacles Hostel Galway is a business comprising hostel properties and convenience shop. Centrally located on Quay Street, in the heart of the Latin Quarter of Galway City, a "must see" city on the itinerary on most tourists to the country. Galway is one of the most sought after locations for a budget accommodation business as it offers an all year round business supported by many cultural, music and sporting festivals during the summer months and its university and college student base during the winter months. Barnacles Hostel Galway is superbly located in the heart of the busiest tourist area of the city. The hostel comprises a total of 118 bed spaces in a feature building.
The successful sale of Barnacles Hostels provided a superb opportunity to acquire a going concern hostel business with both properties occupying prime trading positions in the heart of Temple Bar in Dublin and Quay Street in Galway.
The properties were offered for sale with a guide price in excess of €11m and while the selling price was not disclosed it is believed to have achieved well in excess of the guide. The properties were purchased individually.
The Galway hostel was purchased by a company associated with the Burkeway Group and the hostel is to be rebranded as Snoozles. The acquisition is an ideal addition to its growing hospitality business which includes Nox Hotel Headford Road and Snoozles Hostel Forster Street Galway.
Commenting on the transaction director Diane Burke said "acquiring Snoozles (formerly Barnacles) Quay Street is key to the growth strategy for our tourist offering in Galway city and increases our hostel capacity to over 250 bed spaces. Guests can expect the same quality and high standards as we offer at Snoozles Forster Street" In addition to its tourist business Burkeway is one of Ireland’s leading housebuilders.
The Dublin hostel was purchased by Mm Capital. Mm Capital (http://www.mmcapital.ie/) is a real estate investment and development firm founded in 2013 by Peter Leonard and Derek Poppinga. The vendor for Barnacles Hostels is a company associated with property developer and hotelier John Lally of the MHL Hotel Collection.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie