CBRE has confirmed that following an off-market process, Midwest Holding has sold The Moxy Dublin City Hotel to The MHL Hotel Collection for about €35m.
CBRE said that while this was an off-market sale, it attracted strong interest from a significant number of established domestic and international property investors, hotel funds and private equity companies.
The estate agents also said the sale highlighted the fact that the level of international interest remains robust for Dublin as an attractive location for hotel investment.
The Moxy Dublin City, which opened in October 2019, has 157 bedrooms as well as bar and restaurant space on the ground floor.
It fronts Sackville Place and Marlborough Street in Dublin city centre, immediately behind the new Clery's development.
Following the Moxy acquisition, The MHL Collection will have 12 hotels in its group. It was formed in 2013 by its three partners John Malone, Paul Higgins and John Lally.
The Moxy Dublin will be its third Marriot branded hotel alongside the five-star Westin Dublin and Powerscourt Hotel Resort Spa.
The MHL Hotel Collection has about 1,400 bedrooms across seven hotels in Dublin, while it also owns hotels in Galway and Limerick.
"The Moxy Dublin City is the first major deal to close in just over a year in the Dublin Hotel Market," commented Alexandra Sheeran, Senior Analyst at CBRE Ireland.
"The level of interest shown from investors gives us great confidence for future transactions in Dublin and its new owners MHL, will benefit considerably from the major developments planned in the immediate area including the redevelopment of Clery's Department Store and the exciting plans Hammerson have for their Dublin Central site," she added.
