Acting on behalf of BAM, CBRE have been instructed to market an outstanding opportunity to acquire a Cork city centre hotel. The hotel will be delivered to a specification pre-agreed between parties.
- Strategically located on Sullivan’s Quay, overlooking the River Lee at Grand Parade, in the heart of Cork’s tourist and business district
- Forms part of a mixed-use development designed by Scott Tallon Walker Architects, comprising the Hotel and 8,000 sq.m. Grade A office space
- The hotel has a landmark 12 storey tower with an executive lounge on the top floor
- Situated on the doorstep of the proposed Cork Events Centre with capacity for 6,000
- Facilities include 220 bedrooms, restaurant, bar, meeting/conference space and the option to acquire basement carpark spaces
- Convenient to all transport hubs, including Cork International Airport.
- Cork city has seen exceptionally strong hotel performance in room rate and occupancy
- RevPAR growing an impressive 10.2% CAGR between 2012 and 2017
Cork City is an important economic, tourist and educational centre for the South of Ireland. The city is location for key multinational pharmaceutical and technology companies such as Apple, Dell, Siemens, Amazon, GlaxoSmithKline, Pfizer, IBM, Johnson + Johnson, McAfee, Johnson Control and Dell EMC.
Cork Airport is the second biggest airport by passenger volume in the Republic of Ireland, handling 2.4m passengers in 2018 (+4.3% increase on 2017). Cork is an Ideal geographic location between Ireland’s Ancient East and the Wild Atlantic Way. The South West Region is Irelands most popular tourist area with renowned golfing at nearby Old Head Kinsale and Fota Island.
Revised planning permission has been lodged for the €73 million Cork Event Centre project, set on South Main Street, is less than a five minutes’ walk away from the Sullivan’s Quay hotel development. The 6,000-capacity events centre will bring hugely significant economic and cultural benefits to the businesses, inhabitants and visitors of Cork, with the potential to bring an extra 200,000 visitors into Cork city annually.
Hotel Development Opportunity
Permission granted for a mixed-use hotel and office development with a total gross floor area of approximately 22,680 sq.m., which is an alteration and modification of the mixed-use development (08/32886 and PL.28.229832) at the former Government Buildings, Sullivan's Quay, Cork.
The Hotel will feature a total of 220 bedrooms, ranging from 21 sq.m. to 31 sq.m. in size, with suites up to 60 sq.m. The proposed bedroom mix includes 118 King Bedrooms, 60 Double-Double Bedrooms, 29 Suites and 2 Presidential Suites. The proposed Hotel is to have a 327 sq.m. Restaurant with a Private Dining Area (36 sq.m.). Additionally, the ground floor internal courtyard will provide space for outdoor dining, and the 159 sq.m. bar area will provide seating for approximately 70 patrons.
The first floor Meeting and Event space provides First floor conference space providing for 9 meeting rooms (10-12 pax each), a Conference & Banqueting space of 215 sq.m. (120 pax seated), as well as two break out spaces, welcome area and bar. Other facilities at the Hotel will include a gym on the first floor, as well as an Executive Lounge on the 10th and 11th floors. The space on the 10th and 11th floors could also be used as a Presidential Suite.
John Hughes, Director, CBRE Hotels & Licensed, Dublin commented: “Over the past six years, Cork city has seen exceptionally strong hotel performance with continuous growth both in terms of room rate and occupancy. RevPAR (Revenue per available room) saw an impressive 12.24% compound annual growth rate between 2012 and 2018. Hotels have benefitted greatly from increased visitor numbers, especially in conjunction with numerous multinationals, setting up their operations in Cork, as well as the success of Fáilte Ireland’s Wild Atlantic Way tourism initiative”.
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