Ireland: Moxy Dublin City, part of the Marriott International family, was sold in an off-market process by Midwest Holding AG for around €35m.
The Moxy Dublin City views Sackville Place and Marlborough Street, immediately behind the new Clery’s development. The 157-room hotel opened in October 2019 and includes a 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 of 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 2 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.”
The MHL Collection, which was formed in 2013 by its three partners John Malone, Paul Higgins, and John Lally will comprise 12 hotels. The Moxy Dublin will be the group’s third Marriott branded hotel alongside the Westin Dublin and Powerscourt Hotel Resort Spa.