09
September
2014
|
00:00
Europe/Dublin

Tower Hotel Derry Sold

Dublin, 9 September 2014 – CBRE Hotels have confirmed the sale of the Tower Hotel Derry. The hotel was sold to Dalata Hotel Group for €5.5m.

Investment Highlights

-Derry, UK City of Culture 2013 and hosted the World clipper Series in 2014
-Well appointed contemporary style 93 en suite bedrooms
-Conference and Banqueting facilities for up to 400 people
-Planning permission for an additional 52 bedrooms.
-Substantial and profitable hotel business with growth potential

The city of Derry is the second largest city in Northern Ireland and the fourth-largest city in Ireland. Derry is the main economic and cultural hub of this region and within easy access of the scenic areas of the Donegal, Derry and Antrim coastline. The old walled city lies on the west bank of the River Foyle, which has two road bridges and one footbridge across the river.

Derry has a rich and varied cultural heritage, including the City Walls, museums, galleries and theatres, as well as a huge musical and literary scene. Derry was named the 2013 UK City of Culture and during the year hosted a number of events which attracted visitors to the city.

Derry has a population of 107,877 (Census 2011). The city centre is a popular entertainment district with shops, bars, restaurants, nightlife and the city’s main attractions. The Tower Hotel is strategically located just off The Diamond in the heart of the city centre.

John Hughes CBRE confirmed “the Tower Hotel Derry is a purpose built (2004) hotel and is the only hotel located within the historic Derry City walls. Well positioned, the hotel comprises 93 bedrooms together with bar, restaurant, conference/banqueting room and basement car parking.

The hotel provides a number of dining opportunities with the Lyric Bar and Grill, Walls Bar and Restaurant and The Tyrconnell Suite. The Tyrconnell Suite function room which has a capacity for 400 persons and is accessed from the reception area as well as the bar.

The Lyric Bar and Grill was refurbished in 2013 and is licensed for 250 patrons. The Walls Bar and Restaurant is the hotel’s main restaurant and overlooks the City’s Walls and Butcher Gate.
The spacious bedrooms are tastefully decorated throughout. Each ensuite bedroom includes flat screen TVs, direct dial telephones and tea and coffee making facilities. There are 28 car parking spaces in the basement of the hotel and is accessed from Magazine Street. Staff facilities and offices are also situated at basement level.

The property has planning in place for an additional 52 bedrooms which allows scope to increase revenue further.

CONTACT: John Hughes – 00 353 (0)1 618 5538 or e-mail:john.hughes@cbre.com

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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. 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 130 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, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni