John Malone On Hotel Buying Spree In Ireland

John Malone On Hotel Buying Spree In Ireland

John Malone loves real estate. Malone is the largest property owner in the U.S., and he has recently gone on a hotel property buying spree in Ireland

According to a September 13th article on news site, American billionaire John Malone is planning a major expansion of Dublin’s Trinity City Hotel (formerly the Trinity Capital Hotel). Malone purchased the hotel a few months ago for $35 million. The billionaire also recently purchased the Humewood Castle and estates in County Wicklow ($7.2 million), the Westin Hotel on Westmoreland ($65 million) and the Hilton Hotel on Charlemont Place in Dublin ($30 million).

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John Malone: Details on planned expansion of Trinity City Hotel

The article says Trinity Leisure Holdings firm has petitioned the Dublin City Council for planning permission to extend the facility at the rear, adding 23 new rooms.The proposed addition extension will bring the total number of bedrooms at the four-star hotel to 218.

Of note, the Trinity City is already profitable, and is looking to take advantage of the robust hotel market in Dublin right now .The development plans filed also include the construction of a glazed terrace bar on the sixth floor of the property as well as a number of modifications to the former Tara Street fire station on the ground floor. The building has historical protection status.

Dublin hotel market improving

Dublin’s hotels have enjoyed a steadily improving market over the last year and a half. A recent study by Irish  accounting and research and consulting firm Crowe Horwath showed that occupancy rates in the capital hit 76.3% in 2013, although these figures were undoubtedly boosted by the ‘Gathering’ initiative that drew tens of thousands of tourists to the country. That compares to a 76.8% occupancy rate in 2007.

Hotels in Dublin are currently charging an average of €90.73 a night for a room. That figure is almost 22% less than in 2007.

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