Cosgraves seek €35m for Smithfield hotel

will be hoping to take advantage of the renewed appetite among investors for post-pandemic opportunities in the capital.

Having only recently completed the sale of the newly built Big Tree Hotel on Dorset Street, the firm headed up by siblings Andrew, Mark and Kelly Cosgrave of the well-known Cosgrave developer family, is now looking for a buyer for the Hendrick Smithfield. The boutique Dublin 7 hotel is being offered to the market by agent JLL at a guide price of €35 million.

Although that figure is understood to be roughly equivalent to the sum the Cosgraves secured from MM Capital andfor the 163-bedroom Big Tree Hotel, the amount being sought for the 147-bedroom Hendrick is higher on a per key basis. The €238,000 per key being guided for the Smithfield hotel is €24,000 more than the estimated €214,000 per key the Dublin Loft Company is understood to have agreed to in the Big Tree transaction.

While both hotels are newly built, LEED gold-certified for sustainability, and situated within walking distance of Dublin’s city centre, the Hendrick’s slightly higher valuation is likely accounted for by the fact that it comes for sale with an established trading history under a management agreement with the. At its guide price of €35 million, the hotel is expected to prove attractive to a range of domestic and international investors.

Source: News Formal (newsformal.com)

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