Tetrarch Capital, the property investment company that has recently acquired some of the country’s leading hotels plans to develop two new hotels in Dublin City Centre.
The company is to invest €25m in a new 178-room hotel on Mark Street, close to Trinity College, while it is also seeking planning permission to build a 160-bed hotel at Sackville Place, off of O’Connell Street.
Tetrarch has also announced the creation of a new entity Tetrarch Hospitality, to manage its growing portfolio of hotel and leisure assets, which initially include the likes of Mount Juliet in Kilkenny, Mount Wolseley in Carlow and the CityWest and Dawson Hotels in Dublin. Combined, they employ some 2,500 people.
"The scale of the business demanded a formal approach to our hospitality operations to maximise the value of each of the assets," Tetrarch’s chief executive Michael McElligott said, speaking to The Irish Times.
"We are in the process of acquiring a number of other sites," he continues, saying that the company is interested in two sites in Dublin 2, and possible oppertunities in Belfast, Cork and Galway.
The company says it plans to invest an additional €100m in the sector over the coming three years.