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Dublin, Friday 6th May 2016, JLL, advising the successful purchaser Dalata Hotel Group, is pleased to announce the acquisition of Cork City’s Beasley Street Hotel Development, for a price of €10.2M. Commenting on the deal, Dan O’Connor, Senior Vice President, JLL Hotels & Hospitality Group said: "We are delighted to announce this exciting Cork hotel transaction, which will result in the long awaited opening of a new and strikingly modern four star hotel, in the heart of Cork City Centre. With RevPAR in Cork increasing by +15.8% in 2015, the time is right for further hotel expansion. Cork City has also seen a strong increase in new commercial development in recent months, including the new Convention & Exhibition Centre due in 2018, the redevelopment of the former Capital Cinema on Grand Parade and the opening of Green REITs 170,000 sq.ft office complex at One Albert Quay. Having acquired the nearby Clarion Hotel on Lapps Quay from JLL last year, this second city centre hotel acquisition by Dalata Hotel Group reinforces its leading position in the Cork hotel market, whilst also giving a very welcome boost to the local economy”. JLL and A&L Goodbody advised Dalata Hotel Group on the acquisition.
Senior Vice President