Ascott acquires Temple Bar Hotel, Dublin, for €55m
The Ascott has expanded its global footprint to Ireland, one of the fastest growing economies in Europe.
In a deal worth €55.1 million the Singapore based company has acquired the 136-unit Temple Bar Hotel in Dublin, positioning Ascott right at the heart of one of the world’s most attractive business centres.
Lee Chee Koon, Ascott chief executive, said: “Europe is a key market for Ascott’s global expansion.
“Ireland’s pro-business environment has attracted some of the world’s biggest companies such as Google, Facebook, Microsoft and LinkedIn to establish their European headquarters in Dublin.
“Ireland is also used as a launch pad to the European Union by many US companies and the US is amongst Ascott’s top source markets globally.
“Ascott’s entry into Ireland will cater to these rising demands for accommodation by corporate and leisure travellers.”
Ireland’s economy is expected to expand by 4.9 per cent this year, and tourism is booming.
Ireland has had a record number of visitors in 2016, up 12 per cent in the first nine months of the year.
Dublin hotels had the highest RevPAR growth rate in Europe in 2015 and is expected to top the table again in 2017.
And supply for extended stay accommodation is vastly outstripped by demand in Dublin, at only 0.08 units per 1,000 overseas visitors.
The property, located on Fleet Street, minutes from Dame Street - the main city centre thoroughfare - attracts business travellers with its close proximity to the Convention Centre Dublin, Central Bank of Ireland, Allied Irish Bank and Ulster Bank, and the International Financial Services Centre that houses more than 500 companies.
Leisure guests are a stone’s throw from city’s main shopping streets Grafton Street and Henry Street, as well as the 3Arena for music and Aviva Stadium for sports.
The deal for Ascott caps a year in which it achieved record growth with more than 10,000 apartment units added globally, and launched Lyf (live your freedom), a new brand designed for and managed by Millennials, as part of plans to grow to 80,000-units globally by 2020.