CBRE Hotels Dublin has sold the Hilton Dublin Airport Hotel on behalf of their clients, the P. J. Walls Holdings Group, in an off market deal to Irish investors including Emerald Investment Partners (EIP) and Windward Management, headed up by Patrick Coyle.
The Hilton Dublin Airport Hotel is a 4-star hotel property, primarily serving the Dublin Airport hotel, leisure and corporate market and operating under a long term management agreement with the Hilton brand since its opening. The hotel is the flagship property in Northern Cross, a mixed-use development that includes high end offices, retail and residential apartments.
Developed in 2005, the hotel has 166 en suite bedrooms, a comprehensive food & beverage operation, several function rooms and a selection of boardroom suites and meeting rooms. The property also offers underground parking and operates a shuttle bus service between Dublin Airport and the hotel.
Dermot Curtin, director of CBRE hotels said: “The successful, off market sale of the 4-star Hilton Dublin Airport Hotel confirms that there is a very strong and continuing demand for profitable, modern and well located hotels in Dublin. It also confirms the city’s status as an important European hotel market and as a location much sought after by astute investors. PwC’s latest European Cities Forecast predicts that Dublin will see the highest ADR growth of any major European city for both 2016 and 2017, the second highest occupancy in 2016 and will be the strongest European market for RevPar growth in 2017. With a record 8.6 million visitors to Ireland last year – up 13.7% on 2014, most of whom arrive through Dublin Airport - a strengthening economy boosting corporate demand and little new supply, the future is bright for the Dublin Hotel sector.”
