In central Dublin, the Andrews Lane Theatre has been purchased for €4.4 million by a consortium of private investors led by Adrian Shanagher’s Firebreak Hospitality.
Reports indicate that the new owners will seek planning permission for a 115-room, limited-service "compact hotel" (not unlike Yotel or CitizenM) in a development that will cost about €10 million.
Planning expected to take between nine and 12 months to secure, and construction would take much the same time. As such, the new hotel will probably open in early 2018. The owners will look to secure bank funding for construction once planning permission has been secured.
The property, between Trinity Street and Exchequer Street, was put up for sale in March by receiver KPMG. It was marketed by agents CBRE with a guide price of €3.1 million.
Source: Irish Times