Dublin, Ireland Ibis hotel hits market for 160 percent more than acquired for

A UK consortium that acquired the Ibis Hotel opposite the Red Cow Luas interchange in west Dublin two years ago for just over €5 million, is now turning around and trying to sell it for upwards of €13 million.

Cannock Ltd owns the 150-room hotel, which is operated under a franchise agreement by Accor Hotels, and is marketing it through selling agent Christie & Co. The property is being offered inclusive of an adjoining site of 0.81 of an acre zoned for residential use.

Christie & Co's Dave Murray told The Irish Times that the hotel presented "a rare opportunity for investors and developers to acquire a highly profitable, limited-service hotel along with an adjoining development site beside Ireland’s busiest motorway junction—the M50/N7 intersection."

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The 17-year old hotel has two meeting rooms and an open-plan, ground-floor space, which includes a bar, lounge and dining areas with space for approximately 100 people. There is also a parking lot with 180 spaces.

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The company has signed deals for three new hotels along the country's coastline.

The property in West Long Branch renovated all 128 guestrooms and suites as well as all common areas.

The 1.25-million-square-foot property, slated to open in December 2020, will include 777 guestrooms and an outdoor pool amphitheater.