Hotel & Restaurant Sector

Three more names added to the food and beverage line-up at Central Plaza

The Irish Times – 25.09.2019

As the redevelopment of the Central Bank’s former Dame Street headquarters in Dublin nears completion, Hines and the Peterson Group have added three new names to the food and beverage line-up at the scheme. The arrival of Gino’s Gelato, Las Iguanas and Bujo Burger, brings the pre-leasing at the newly-named Central Plaza to 75 per cent. The eight floors of office space at One Central Plaza meanwhile are already leased to flexible workspace provider WeWork, and in addition to Amtrust Financial , the scheme will house more than 1,300 office workers. In total there will be upward of 1,500 workers on-site across all uses. The top two floors are being transformed to create Dublin’s largest rooftop destination offering unobstructed 360-degree views of the city. Hotel and restaurant entrepreneur Zafar Shah is creating three different venues under one roof which will see it active from early morning to late evening attracting tourists, local shoppers, office workers and corporate events.

German fund closes in on €130m purchase of five-star Marker Hotel

Irish Times – 18.09.2019

German global real estate investment group Deka Immobilien is closing in on a deal to acquire Dublin’s five-star Marker Hotel for about €130 million. Deka’s purchase of the Marker Hotel comes just two years on from its acquisition for €87 million of the four-star Gibson Hotel at Point Square in Dublin’s north docklands. Located at Grand Canal Dock, the Marker Hotel comprises 187 guest bedrooms. The hotel’s current offering includes the Brasserie and Marker Bar, luxurious spa facilities, the Marker Rooftop Bar & Terrace and extensive conference and banqueting rooms.

Merrion Hotel had record 2018 as profits rose 29% to €4.1m

The Irish Times – 24.09.2019

New accounts for Hotel Merrion Ltd also show that revenues increased by 10 per cent to a record €25.06 million in the 12 months to the end of October 2018. On the risks facing the business, the directors state that the VAT rates for hotels, bars and restaurants has increased from 9 per cent to 13.5 per cent.“While this will not affect the margin, there is a risk it could impact occupancy rates and revenues from food and drink,” the accounts state. A breakdown of the hotel’s revenues show that it recorded €15.83 million from accommodation, €8.25 million from food and beverage, €636,359 in “other income” and €338,196 from the leisure centre.