Dublin,
25
March
2019
|
11:08
Europe/Dublin

Premier Inn scores hat-trick in the Irish capital

Whitbread signs pre-let deal with Glenveagh Properties for its third site in Dublin at Castleforbes Business Park

Whitbread, Premier Inn’s parent company, has secured a pre-let deal for a new 250-bedroom Premier Inn hotel at Castleforbes Business Park in Dublin 1.

The deal is the third to be signed by Whitbread in Dublin in the past year and marks the largest acquisition by Premier Inn in Ireland to date, bolstering the hotelier’s ambitions of 2,500 bedrooms in the Irish capital.

Situated in a prime location in Dublin’s north docklands, the site is within a few minutes’ walk of the 3Arena and the Convention Centre Dublin, with excellent connections to the city’s tourist attractions and business centres.

Kevin Murray, Head of Acquisitions (North & Ireland) for Whitbread, said: “Securing a new Premier Inn at Castleforbes builds further momentum to our acquisition drive in Dublin. As the city’s new and expanding tech centre, and one of the best hotel trading locations, Castleforbes is an excellent location for our largest Premier Inn hotel to date in Dublin. With significant bedroom requirements in the city, we are actively exploring other live freehold and leasehold opportunities as we work to secure up to 2,500 Premier Inn bedrooms in Dublin.”

Subject to planning permission, the new Premier Inn hotel will form part of Glenveagh Properties PLC’s high-quality mixed-use scheme in Castleforbes in Dublin 1. Alongside the Premier Inn hotel, Glenveagh’s development will include a Private Rented Sector residential scheme, along with Grade A office accommodation and other complementary uses.

Justin Bickle, co-founder and CEO of Glenveagh Properties PLC said: This is a significant milestone in the development of our landmark site at Castleforbes. The zoning for the site requires it to be developed as a mixed-use scheme and securing a strong counterparty like Whitbread with a robust institutionally accepted covenant will add value to the overall project and provide Glenveagh with flexibility in the context of future options for Castleforbes.

Whitbread, Premier Inn’s parent company, has secured a pre-let deal for a new 250-bedroom Premier Inn hotel at Castleforbes Business Park in Dublin 1.

The deal is the third to be signed by Whitbread in Dublin in the past year and marks the largest acquisition by Premier Inn in Ireland to date, bolstering the hotelier’s ambitions of 2,500 bedrooms in the Irish capital.

Situated in a prime location in Dublin’s north docklands, the site is within a few minutes’ walk of the 3Arena and the Convention Centre Dublin, with excellent connections to the city’s tourist attractions and business centres.

Kevin Murray, Head of Acquisitions (North & Ireland) for Whitbread, said: “Securing a new Premier Inn at Castleforbes builds further momentum to our acquisition drive in Dublin. As the city’s new and expanding tech centre, and one of the best hotel trading locations, Castleforbes is an excellent location for our largest Premier Inn hotel to date in Dublin. With significant bedroom requirements in the city, we are actively exploring other live freehold and leasehold opportunities as we work to secure up to 2,500 Premier Inn bedrooms in Dublin.”

Subject to planning permission, the new Premier Inn hotel will form part of Glenveagh Properties PLC’s high-quality mixed-use scheme in Castleforbes in Dublin 1. Alongside the Premier Inn hotel, Glenveagh’s development will include a Private Rented Sector residential scheme, along with Grade A office accommodation and other complementary uses.

Justin Bickle, co-founder and CEO of Glenveagh Properties PLC said: This is a significant milestone in the development of our landmark site at Castleforbes. The zoning for the site requires it to be developed as a mixed-use scheme and securing a strong counterparty like Whitbread with a robust institutionally accepted covenant will add value to the overall project and provide Glenveagh with flexibility in the context of future options for Castleforbes.

Dave Murray, Director, CBRE Hotels
The Castleforbes development with its mix of residential and commercial uses represents an excellent addition to Dublin’s North Docks. Securing a tenant of the calibre of Premier Inn shows confidence in this exciting new quarter in the city.
Dave Murray, Director, CBRE Hotels

Premier Inn has already two sites secured in Dublin city centre. Last autumn Whitbread achieved planning permission for a 97-bedroom leasehold Premier Inn hotel on South Great Georges Street and in January of this year, Whitbread announced its first freehold purchase of a 180-bedroom hotel site at Twilfit House on Jervis Street. Construction work has commenced on the South Great George’s Street hotel.

Daniel O’Connor, Executive Vice President, JLL, who advises Whitbread on its expansion in Ireland, added: “We are delighted to once more advise Whitbread PLC on another significant acquisition in Dublin 1. Castleforbes is an excellent fit for Premier Inn and marks a significant step in Whitbread’s drive to grow in Dublin. The hunt is still very much on for further Premier Inn opportunities across the city centre, and indeed nationwide.”

About CBRE

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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

About Premier Inn

Premier Inn was named the UK's top-rated hotel chain for 2018 according to Which? With over 790 budget hotels and more than 75,000 rooms across the UK and Ireland, Premier Inn guests are never far from a great night's sleep at fantastic value rates. Premier Inn hotels are in more locations than any other UK hotel brand for the ease and convenience of leisure and business travellers alike.

All Premier Inn bedrooms feature en-suite bathrooms, a luxurious Hypnos® bed, a choice of pillows, TV with Freeview and free Wi-Fi. A bar and restaurant is situated either on-site or next door to each hotel, offering a wide range of food and drink including a delicious all-you-can-eat breakfast.

Across the estate, the average Trip Advisor score for Premier Inn hotels is 4.2. The business has been awarded the Best UK Family Hotel in the TripAdvisor Travellers' Choice Awards, Best UK Hotel Group in the Silver Travel Awards and the Business In The Community Environmental Leadership Award.

Great Ormond Street Hospital Children's Charity is the National Charity partner of Premier Inn and to date team members, guests and suppliers have reached the milestone of £10 million, which formed part of the funding towards the Premier Inn Clinical Building, officially opened by HRH The Duchess of Cambridge in January 2018.

Outside of the UK, Premier Inn's expansion plans are focused on two key markets; Germany and the Middle East, with plans to expand in Ireland. Premier Inn opened its first hotel in Frankfurt in 2016 and the business has more than 6,000 Premier Inn bedrooms in its secured pipeline in Germany.

About Glenveagh Properties PLC

Glenveagh Properties PLC is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange. With a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway, the Group comprises two complementary divisions, Glenveagh Homes and Glenveagh Living.

Glenveagh Homes delivers high quality starter homes to its private and institutional customers with selective developments of mid-size and executive houses and apartments in areas of high demand.

Glenveagh Living delivers houses and apartments for the public sector and institutional investors.

Its Partnerships business focusses on mixed-tenure and joint venture opportunities with the public sector in Ireland, while its PRS business delivers large-scale private rental product for institutional investors.