Having failed to secure a buyer prior to the arrival of Covid-19 , the Paramount Hotel has returned to the market at a level that should prove attractive to investors looking to take advantage of the post-pandemic recovery in Dublin’s tourism sector. The landmark hotel is being offered at a new guide price of €20 million, or €5 million less than the €25 million agent CBRE had been seeking when it first put the property up for sale in November 2019.
Located in the heart of the capital's thriving Temple Bar district, the Paramount Hotel currently comprises 66 bedrooms, with full planning permission in place to increase this number to 122 bedrooms.
The Paramount and its well-known bar, the Turk’s Head, occupy a pivotal location on Parliament Street. The hotel is located within a short walk of numerous of the city’s most-popular visitor attractions including City Hall, Christ Church Cathedral, the Guinness Storehouse, Trinity College Dublin, the GPO, St Stephen’s Green and Grafton Street.
The Convention Centre Dublin, the 3Arena, the Bord Gáis Energy Theatre, National Concert Hall, Croke Park and the Aviva Stadium, are also easily accessible from the hotel.
‘Outstanding opportunity’
The Paramount Hotel currently operates from 10 interconnecting prominent buildings with frontage to Parliament Street, together with frontages to Essex Gate and Upper Exchange Street. The hotel frontages to these streets is approximately 89m (293ft).
John Hughes, director at CBRE’s hotels and licensed division, says: “This sale offers Irish and international investors an outstanding opportunity to acquire a prime hotel in a key international capital city. Established hotels in Dublin city centre rarely come to the market and this sale is especially significant as the Paramount is being offered with the benefit of full planning permission for additional rooms.
“The purchaser will have the choice to continue trading under the already well-established and independent ‘Paramount Hotel’ name or, alternatively under an international hotel brand. Many of the international hotel companies are eager to establish a flagship presence and their brand in the Dublin city centre market.”
