Midwest Holding AG has sold The Moxy Dublin City to The MHL Hotel Collection for circa €35m. The hotel benefits from its association with Marriott Worldwide being branded as the Moxy Hotel and the first Moxy in Ireland. Whilst this was an off-market sale, the process attracted strong interest from a significant number of established domestic and international property investors, hotel funds, and private equity companies. The Moxy Dublin City enjoys an excellent location fronting Sackville Place and Marlborough Street, immediately behind the new Clery’s development. The hotel, which opened in October 2019 comprises 157 stylishly designed bedrooms with extensive bar/restaurant space on the ground floor.
Alexandra Sheeran, Senior Analyst, CBRE Ireland said: “The Moxy Dublin City is the first major deal to close in just over a year in the Dublin Hotel Market. The level of interest shown from investors gives us great confidence for future transactions in Dublin and its new owners MHL, will benefit considerably from the major developments planned in the immediate area including the redevelopment of Clery’s Department Store and the exciting plans Hammerson have for their Dublin Central site.”
Commenting on the purchase, Paul Higgins, Partner - The MHL Hotel Collection said: “The last 15 months have been very difficult for our staff, customers and everyone in the sector. We are pleased that hotels will be opening from 2nd June 2021 and hope that the rest of the hospitality sector can follow soon. We are delighted to have purchased the Dublin Moxy. While there will inevitably be challenges over the next 12 months, this purchase highlights our confidence and belief in the long term prospects for our well located and managed hotels.”