Ireland: A consortium of investors has paid €1.5 million for a site in Dublin where it will develop a €12.5 million aparthotel.
The consortium includes investment group Elkstone Partners, PwC managing partner Feargal O’Rourke, partners from PwC and KPMG and other business figures.
The 71-key aparthotel, at the junction of Oliver Bond Street and St Augustine Street in Dublin 8, will be funded with senior debt from an overseas financial institution. It will be up to eight storeys high and have communal areas and luggage storage, according to plans submitted to Dublin city council.
If planning consent is granted, the project should be completed by the end of 2020. It is likely to be run by a specialist aparthotel operator.
Elkstone, headed by former EBS finance director and ex-PwC partner Alan Merriman, manages money for wealthy clients in Ireland and abroad. It has made investments in property and early stage companies.
