Whitbread, the owner and operator of Premier Inn, has secured a pre-let deal for a new 250-bedroom Premier Inn hotel at Castleforbes Business Park in Dublin.
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.”
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 George’s 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.”
Dave Murray, Director, CBRE Hotels, who represented Glenveagh on this transaction, added: “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.”