Deka Immobilien GmbH has conditionally agreed to acquire “The Burlington Hotel” in the centre of Dublin for around €180m.
The sellers are Sussex Road Nominees Limited and BNY Mellon Trust Company (Ireland) Limited. The property is supposed to become an addition to the portfolio of the open-ended real estate fund Deka-ImmobilienGlobal. The transaction is still subject to approval by the Irish Competition and Consumer Protection Commission (CCPC).
The property formerly known as “The Burlington Hotel”, is currently being operated by Hilton under their DoubleTree brand, was built in 1972 and recently extensively renovated in 2014. With 502 rooms, a generous conference area and 168 parking spaces, it is one of the largest hotels in the country and a landmark of the Irish capital city. Ireland's market leader in the hotel industry, Dalata Hotel Group plc, will enter into a long-term lease. The property is situated in a top location and will be operated as a four star hotel under Dalata's own Clayton brand going forward.
This purchase will be Deka-ImmobilienGlobal’s entry into the Irish market, a striving hotel and investment market that offers capital growth potential.
