Midwest Holding has sold the Moxy Dublin City to The MHL Hotel Collection for about €35 million in an off-market deal that is said to be the first major hotel sale in Ireland’s capital in over a year.
The 157-room Moxy Dublin City, which opened in October 2019, fronts both Sackville Place and Marlborough Street and lies behind the new Clery’s department store development.
The hotel is associated with Marriott Worldwide and was the first Moxy branded hotel in Ireland. Agent CBRE said that although the deal was done off market, the process attracted interest from domestic and international property investors, hotel funds, and private equity companies.
CBRE said that the level of international interest indicates that Dublin remains an attractive location for hotel investment, bolstered by the country’s recent economic performance, significant growth in household savings, increased employment and record levels of office take-up by multinational companies.
Following the acquisition, the MHL Hotel Collection, formed in 2013 and already the second largest hotel group in Dublin city centre, comprises 12 hotels. The Moxy Dublin will be the company’s third Marriot-branded hotel. The company also owns hotels in Galway, Limerick and Enniskerry (Powerscourt).
“The last 15 months have been very difficult for our staff, customers and everyone in the sector,” said MHL Hotel Collection partner Paul Higgins. “We are pleased that hotels will be opening from 2 June 2021 and hope that the rest of the hospitality sector can follow soon.”