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Malaysian owners Monteco have sold the Ormond Hotel site at Ormond Quay Upper in Dublin to a group of Irish hotel developers for approximately €12 million. The property, which features in the Sirens chapter of James Joyce's Ulysses, was originally purchased by developer Bernard McNamara in 2006 for €17 million. Monteco acquired it from McNamara in 2013 for about €2.5 million. The sale price represents a multiple of Monteco's investment but remains well below McNamara's original purchase price. The site has planning permission for a 120-bedroom hotel across seven floors with food, beverage, and meeting facilities. CBRE's Alexandra Sheeran called the transaction a significant milestone for the prominent riverside location.
Malaysian owners dispose of property which featured in James Joyce’s Ulysses after 13-year odyssey’s Ormond Quay Upper may have moved a step closer following the property’s sale to a group of Irish investors.
Having paid about €2.5 million to developer Bernard McNamara in 2013 to secure ownership of the Victorian-era hotel, which features in “the Sirens” chapter offor about €12 million. While the figure is a multiple of the price Monteco paid for the property, it is still far short of the €17 million McNamara splashed out on the hotel’s purchase a year after its closure, in 2006.
The developer put it back on the market in 2009 shortly after his various businesses began to experience financial difficulty, with an asking price of €7m, but it failed to sell. It remains unclear whether the Ormond Hotel site’s new owners, who are understood to be experienced hotel developers, will pursue the development of the hotel for which Monteco finally secured planning permission in 2017 or submit a new planning application of their own.
The current planning consent provides for the development of a 120-bedroom hotel, along with food, beverage and meeting facilities distributed across 5,850sq m over seven floors. Fully let IFSC office investment for €10m offers buyer net initial yield of 8.45%Commenting on the completion of the Ormond Hotel site’s sale, Alexandra Sheeran of CBRE’s hotels division said: “This transaction marks a significant milestone and we look forward to seeing the positive impact the new hotel will bring to this prominent riverside site and the future development of the area.
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Ormond Hotel Property Sale James Joyce Ulysses Dublin Commercial Property Hotel Development Bernard Mcnamara Monteco CBRE Irish Investors
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