Maybe Ireland's capital city will get the new hotel rooms it needs after all: Dublin-based property investment company Tetrarch Capital is reportedly looking to develop two new hotels in Dublin's city center.
According to News Talk, the company will invest €25 million in a new 178-room hotel close to Trinity College, and is also seeking planning permission to build a 160-room hotel at Sackville Place.
Tetrarch is also launching a new entity, Tetrarch Hospitality, to manage its hotel and leisure assets, including Mount Juliet in Kilkenny, Mount Wolseley in Carlow and the CityWest and Dawson Hotels in Dublin.
Speaking to The Irish Times, Tetrarch’s chief executive Michael McElligott said that the company was "in the process of acquiring a number of other sites," with two properties under consideration in Dublin, and possible oppertunities in Belfast, Cork and Galway.
The company says it plans to invest an additional €100 million in the sector over the coming three years.
Earlier this year, Noel Creedon, head of Cork-based specialist investment firm iNua, said his firm will not buy any properties in the capital despite building up a €20 million fund for hotel acquisitions earlier this year.