Union Investment has acquired the planned Premier Inn hotel in Dublin’s Docklands.
The Hamburg-based real estate investment manager has bought the property from developer Glenveagh Properties for an undisclosed price.
The hotel will offer 9,936 square metres of rental space and a total of 262 rooms spread over nine floors. Construction is expected to begin in July of this year. Completion is scheduled for autumn 2023.
The hotel is already let to Premier Inn on a 25-year lease.
“We are expecting demand for hotels to recover by 2023 – the year of completion – at the latest and we intend to further expand our high-quality portfolio through targeted acquisitions,” said Andreas Löcher, head of Investment Management Hospitality at Union Investment.
“It currently comprises around 80 hotels. We will focus primarily on core products with resilient concepts and operators. The planned Premier Inn hotel is a core property in one of Europe’s best performing hotel markets.”
The acquisition will be added to the holdings of institutional real estate fund UniInstitutional European Real Estate.