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THE TEMPLE BAR Hotel has been bought in a €55m deal.
The hotel was bought by Singapore-based company CapitaLand’s serviced residence business unit, The Ascott Limited (Ascott).
CapitaLand is one of Asia’s biggest real estate companies, while Ascott specialises in “serviced apartments”, which are furnished apartments that have amenities found in hotels but also kitchens and washing machines.
The company said that acquiring the 136-unit hotel means that Ascott is now positioned “right at the heart of one of the world’s most attractive business centres”.
Lee Chee Koon, Ascott’s chief executive officer, described Europe as “a key market for Ascott’s global expansion”.
He pointed out that some of the world’s biggest companies, like Google, Facebook, Microsoft and LinkedIn, have established their European headquarters in Dublin.
Ireland is also used as a launch pad to the European Union (EU) by many US companies and the US is amongst Ascott’s top source markets globally.
He added:
“Ascott’s entry into Ireland will cater to these rising demands for accommodation by corporate and leisure travellers. The acquisition will boost Ascott’s €1.2 billion portfolio in Europe and bring us closer to our target of 10,000 units in the region by 2020.”
Ireland has had a record number of visitors in 2016, up 12% in the first nine months of the year.
Koon noted that Dublin hotels had the highest revenue per available room growth rate in Europe in 2015 and that the city is expected to top the table again in 2017.
“And supply for extended stay accommodation is vastly outstripped by demand in Dublin, at only 0.08 units per 1,000 overseas visitors,” he said.
Alfred Ong, Ascott’s managing director for Europe, said that Ascott has built a strong presence in Europe as one of the region’s largest international serviced residence owner-operators.
“We look forward to bringing our signature hospitality to Ireland with a centrally located and quality accommodation in Dublin for our corporate and leisure guests,” said Ong.
“The property has been achieving over 80% occupancy in the last few months and we are confident that we will be able to add value to this prime asset.”
The acquisition brings Ascott’s portfolio in Europe to more than 5,400 units in 45 properties across 19 cities in Belgium, France, Georgia, Germany, Ireland, Spain and the United Kingdom.
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Love Tesco – they quietly raise prices on items by a cent or two – leave it for a few weeks, then announce a ‘price drop’! lol classic
One of the last times i was in Tesco you could buy a 2 litre bottle of cola for €1 or a 2 litre twin pack for €2.50…go figure
If Tesco were to hand out a weeks free groceries I would not toutch them . Terrible bad in handleing
Apologies cannot finish this text
Did you need to catch that plane Alan?
Yes OK but Tesco are threatening to cut wages for long term staff . Am I correct ?
Are they back selling horse meat?
@akan scott – Yes they’re cutting the pay for long service staff (following agreement, of course) – An ever popular practice for many Irish Companies – Its called AGEISM.
What about all the cash they built up from yours of dodging paying taxes etc…….oh wait the lads at the top want us all pitying them and tesco, even though they are currently trying to screw over their Irish work force. Ya sorry lads no sympathy here
Every LIDL helps
As they’ve registered loss for a number of years they can weigh that loss against profits for a few years to avoid paying tax, increased profits will then allow them to invest for growth and increased employment will lead to more tax into government coffers.
Or something.
It’s deceptive… None of that loss is from trading and operations. They declared £7 billion in ‘one off losses’ last year. Took a write down on the value of their property portfolio by almost £4 billion and wrote off other losses from closing their USA ‘fresh and easy’ connivence stores as well as online and certain Asian markets.
Investors beware… It actually looks like their profits fell further £600m to £450m if you exclude such exceptional items on the balance sheet.
Hmm…it’s as kosher as Paddy’s pigs.
All their beef is Halal, the Hijrah must be good for business.
That too
Aldi profit in the world wouldn’t make me shop in Tesco.
You need to loosen up a Lidl.
Found a new recipe for cooking the books have they?
Oh, this is sure going to help their position when they sit down with the strikers…
I don’t like Tesco anymore, they’re too inconsistent. You can walk into any Dunnes, or even SuperValu when you want a specific item, but you can’t do the same in Tesco, because all of the stores seem to be different.
I tried to get around this by asking my local Tesco to stock a particular item. After three attempts over several weeks, they finally got the item in stock. When they sold them all, they didn’t bother re-stocking, and they haven’t bothered their arse since. If I drive to another Tesco 20 odd miles away, I find shelves full of what the other store isn’t stocking. Tesco can take a hike and stop pretending that they’re listening to their customers.
Local Tesco is manky. Gone off fruit. Gone off cheese. Rotten dirty shop.
Surprised they turned a profit here as with all the honouring of competitors vouchers from newspapers has to have hurt the bottom line, I must have saved €200 with Aldi and lidl vouchers!
Hate tesco, no price ever the same from month to month. Keep changing them so as we don’t know how much things really are. Rip off
Ah now i see why they want to screw their employees but seeking wage decreases and terms and conditions. They make millions but want more. So buck the workers
Back in profit but trying to cut pay. Typical corporate entity
I used to enjoy shopping at tesco in Dublin but since they put in them awful self payment checkout leading to job loses I don’t shop there and won’t until they remove them.thats why I don’t go into d banks anymore either
Liam they are extra checkouts , nobody lost their jobs over them being installed .
Back in profits and still trying to cut wages. Typical corporate entity
That’s a shame the way they treat there staff
Lowering wages of their staff with these massive profits. Tesco can get fu*ked
F**K Tesco
They still squeezing small businesses out except our family business we will fight them & we are ahead on our quality Irish grown plants not Deutch that Tesco claim are Irish .
As a retailer it makes me happy & sad to see them letting plants drying out then dumping them . Tesco are not a good operator in Irl in comparison to uk . Supervalu are undergoing revamps off most stores & putting the Superquinn touch back to them finally .
Tesco have lowered SOME of their prices since 2012. Big deal.
have your say