Outstanding Opportunity to Acquire a Prime Dublin City Centre Hotel and Bar Venue Superbly Located in the Heart of Temple Bar
Dublin, October 2015: CBRE Hotels are delighted to confirm their exclusive appointment to offer the Paramount Hotel and Turks Head, Parliament Street, Temple Bar, Dublin 2 to the market. The high profile business is offered for sale by private treaty, as a going concern, seeking offers in excess of €15m.
The Paramount Hotel and Turks Head includes 66 well appointed en suite bedrooms, a vibrant and comprehensive food and beverage operation in one of the Dublin’s most popular locations. This is a rare opportunity to acquire an established business superbly located in Dublin city centre and the renowned Temple Bar cultural and tourist district of the city.
Located in a high profile corner position in the heart of the famous Temple Bar area, Dublin’s Left Bank, and the city’s entertainment and social focal point. The hotel and bar is perfectly positioned, in the centre of Dublin’s main business, shopping, and most popular tourist areas which includes Trinity College, City Hall, Christchurch, Guinness Storehouse, GPO, St. Stephens Green, and Grafton Street.
All of Dublin’s major venues including Convention Centre Dublin (CCD), the 3 Arena, the Bord Gais Energy Theatre, National Concert Hall, Croke Park and the Aviva Stadium, are easily accessible from the hotel.
The Paramount Hotel and Turks Head comprise ten interconnecting four, five and six storey over basement landmark buildings. These prominent buildings have street frontage to Parliament
Street, a major city thoroughfare linking the city centre to the south suburbs, together with frontage to Essex Gate and Upper Exchange Street.
Key features of the Paramount Hotel and Turks Head include:
- Unbranded and superbly located 3 star city centre hotel with 66 stylish and contemporary en suite bedrooms
- Increasingly profitable business with all year round occupancy
- Turks Head is a popular bar, restaurant and music venue extending to approximately 1,290 sqm/13,884 sqft over two levels
- Landmark building extends to approx. 3,800 sqm.
- Potential to add further bedrooms and increase to 100 plus bedrooms – subject to planning permission
The key performance statistics for the Dublin hotel market over the last three years show very impressive RevPar growth (Source: STR Global) and this trend is set to continue into 2016 and beyond. Dublin is the top European city for RevPar growth and is expected to hold this mantle again in 2016
The sale of the Paramount Hotel and Turks Head offers Irish and International investors an outstanding opportunity to acquire a prime and profitable hotel and bar business in a key international capital city. Profitable and well established Dublin city centre hotels rarely come to the market and this sale is especially significant as the Paramount Hotel is being offered unbranded, freehold and with vacant possession. The successful purchaser will have the choice to continue trading under the already well established and independent ‘Paramount Hotel’ name or, an international hotel brand, many of which are extremely eager to establish a flagship presence in the ever more lucrative Dublin city centre market.
The hotel also has the potential for additional bedrooms, subject to securing planning permission. Dublin city centre has a chronic undersupply of hotel bedrooms and adding more bedrooms would be a huge boost to the Paramount’s business
The property is being sold by the Cullen Family. The property was the subject of a dispute between NAMA and The Cullen Family which was resolved in February 2015.
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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 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 or www.cbre.ie/ni.