The 4-star Temple Bar Hotel in Dublin, Ireland, has been acquired for £46.8m ( €55.1 million ) by Singapore-based CapitaLand’s serviced residence business unit, The Ascott Limited (Ascott).
The seller was an affiliate of Angelo Gordon & Co., a privately held investment management company, alongside Pyramid Hotel Group and Windward Management as minority shareholders. Eastdil Secured, the real estate banking company, advised the seller on the disposition.
The seller partnership acquired the asset in 2015 and immediately implemented a comprehensive renovation and repositioning for approximately €6.2 million, with Pyramid serving as both hotel and project manager.
During the partnership’s 21 months of ownership, management grew RevPAR by 54% and NOI by 110%.
The Temple Bar Hotel operates 136 guestrooms and several F&B outlets, including “Buskers on the Ball”, a sports and entertainment venue recently developed and executed by the partnership. The property was completely refurbished in 2016, moving it from a 3-star to 4-star property.
The Temple Bar Hotel is located on Fleet Street in Dublin’s vibrant Temple Bar submarket – within walking distance of some of the city’s best-known sites including the IFSC, Central Bank of Ireland, Trinity College, and Grafton Street. Due to its City centre location, the Temple Bar Hotel also benefits from robust demand from over 50 global corporate offices in the surrounding area.
Following the acquisition, the hotel will continue to be operated by an affiliate of Pyramid Hotel Group.