Dalata to lease new hotel in Dublin docklands
Dalata Hotel Group has entered into arrangements to lease a new hotel located in the heart of the Dublin docklands.
The hotel will form part of the Spencer Place project, which will extend to over 1 million sq. ft. and is being developed by a joint venture of Ronan Group Real Estate and Colony Capital Inc.
The scheme includes 430,000 sq. ft. of grade A office space, with the potential to increase to 530,000 sq. ft. The office space has been fully let to Salesforce, which plans to create 1,500 new jobs over the next five years.
The hotel is located within short walking distance of The Convention Centre Dublin, the IFSC business district and the 3Arena, and is linked to all main shopping and leisure districts by Luas, Dublin's light rail system.
The four-star property will operate within the Dalata portfolio but with bespoke branding consistent with the broader Spencer Place development. It will have over 200 bedrooms together with bar and restaurant facilities in keeping with the design and appearance of the overall Spencer Place development.
Construction has begun and the opening is targeted for the fourth quarter of 2020.
Dalata will operate the hotel on a 35-year operating lease, which will be subject to five-year rent reviews linked to the consumer price index.
Dermot Crowley, deputy chief executive officer of business development and finance, said: "We are delighted to have entered into arrangements to lease a new hotel in the heart of Dublin's thriving North Docks. The hotel will be superbly located to benefit from the very significant investment taking place in the docks area.
"The Dublin hotel market as a whole continues to perform very well and we are pleased that we will be bringing another quality hotel to the city. Today's announcement brings the number of hotels in our development pipeline to 9 with over 2,300 rooms in Dublin and the UK. We remain confident of announcing further new deals in 2019."
At 1100 GMT, the shares were up 1.6% at 479.20p.