News Release

Dublin 25^th May 2016, acting on behalf of the vendor, JLL has exclusively advised on the sale of the Former Myra Glass site, at the junction of New Street South and Kevin Street Upper, in Dublin 8.

The site, which extends to approximately 0.36 acres, has been acquired by Dalata Hotel Group PLC for a price of €8.075 million, equating to a price of over €22M per acre. It has recently obtained full planning permission for a 137 guestroom hotel.

Commenting on the sale, Dan O’Connor, Senior Vice President, JLL said:

“The Myra Glass sale brings the total volume of Irish hotel development site deals brokered by JLL so far this year to €30.6 million, and we expect to see over €50 million of hotel development deals completed by year end. At a time when Irish tourism bodies are rightly calling for new hotel accommodation to meet unprecedented demand, hotel sites are now finding their way into the hands of end users".

James Wood, Analyst, JLL added:

“This transaction marks another welcome milestone in the delivery of much needed new hotel supply in Dublin City Centre. Having also acquired the nearby Charlemont Clinic development site from JLL earlier this year, this latest deal now gives Dalata Hotel Group a platform to deliver over 300 new hotel rooms, all within just 1km of St Stephens Green".