A well-known hotel in Dublin city centre came onto the market this week when the building that houses Jurys Inn Parnell Street was put up for sale. The popular three-star hotel at the junction of Moore Street has been valued by Savills at around €23 million.
The hotel was initially developed some eight years ago and was sold to a syndicate of private investors. At that time the hotel sold at the much higher price of €40 million which was supported by the availability of tax relief for investors in those days. Now that those sort of concessions no longer exist the group in question is seeking to sell the hotel at the newer, substantially lower valuation. The hotel is currently let to the Jurys Inn group at a rent of €2.39 million on a lease which still has 27 years left to run. The €23 million sale price would offer any potential buyer a yield of around 10 percent leading Fergus O’Farrell of Savills to comment that he expected “significant Irish and overseas interest because of the quality of the building, its central location and the long lease terms.”
Jurys Inn operates some 32 hotels in Irleand, the UK and the Czech Republic under the brand. The hotel on Parnell Street has 253 standard bedrooms, a bar and restaurant. There is also an all-day cafeteria called Il Barista. The hotel also has three dedicated meeting rooms as well as a fitness room. The bedrooms are spacious, all en-suite and can accommodate up to three adults. A number of the bedrooms have been designed specifically with the needs of guests with mobility disabilities in mind and have wider entrance and bathroom doors. The entrance doors can also be operated electronically by remote control and there are additional handrails, accessible electrical sockets and emergency cord.