Tetrarch Capital has submitted a planning application to Dublin City Council for a 159 unit aparthotel development on Mark Street, off Pearse Street, in the heart of Dublin 2. The proposed aparthotel scheme will be leased on a long term basis to serviced apartment specialists Staycity.
Staycity Mark Street will have 159 individual aparthotel units equating to 184 bedrooms in total and a gross floor area of approximately 6,600m². The aparthotel is located within 50 metres of Trinity College Dublin, 600 metres from Tara Street and Pearse Street train stations and within 5-10 minutes walking distance of the South and North Docks, Grafton Street and St. Stephen’s Green.
Units will range from studios to 1-bed suites and will be suitable for between 2-4 guests per apartment. Guests will enjoy self-catering facilities including a fully-equipped kitchen with a range of cooking utensils, lounge/dining and accommodation spaces. Guests will also be provided with the usual range of hotel amenities including a 24-hour reception, free wifi, a guest lobby and coffee bar, as well as exercise facilities.
Tetrarch plans to invest €25m in the development which is targeted for completion by the end of 2018, subject to planning approval.
Michael McElligott, chief executive of Tetrarch Capital said: "We are delighted to have submitted our planning application for the proposed Staycity aparthotel development on what is a superb site on Mark Street. The Dublin aparthotel market is very undersupplied and Tetrarch Capital sees extremely strong demand for this type of accommodation from domestic and international travellers, particularly from visiting families. Our design team have produced an extremely high quality proposal and we are optimistic of securing planning permission for a project that will help address the acute shortage of aparthotel accommodation for visitors to Dublin.
“We are teaming up with Staycity, one of Europe’s leading aparthotel operators, and I am pleased that two Irish companies are working in partnership to deliver what will be a best in class aparthotel development. Staycity is already a tenant of ours at their scheme on Millennium Walk off Jervis Street.”
Tom Walsh, chief executive of Staycity said: "I'm really delighted to have signed our first purpose-built aparthotel scheme in Dublin and equally excited to have the opportunity to work with Michael and his team in Tetrarch Capital on our first project together. This is especially important to us as it's in our home market.
“This excellent property will add to our growing portfolio of purpose-built aparthotels throughout Europe, and will help us to reach our target of 15,000 keys operational by 2021 bringing us to our goal of being Europe's leading aparthotel operator.”
Aparthotels offer bedroom accommodation of a quality similar to hotels with the added kitchen facilities usually found in self-catering properties. Aparthotels typically appeal to guests seeking stays of between 3-7 nights rather than hotels, which tend to appeal to those seeking shorter stays (1-2 nights).
DTA Architects designed the scheme and JLL advised Tetrarch on the purchase of the site in 2015.
