CBRE Hotels has been instructed to bring the Paramount Hotel in Dublin 2 to market with a guide price of over €25 mln.
The 66-bedroom Paramount Hotel, including the well known Turks Head Bar, has full planning permission to increase the property to 117 bedrooms with further planning pending for additional rooms.
It's the second attempt to sell the asset by owner David Cullen. In 2015, the local entrepreneur hired CBRE to market the asset with a guide price of over €15 mln.
Paul Collins, head of hotel investment properties, UK & Ireland at CBRE Hotels, commented: 'The sale of the Paramount Hotel offers Irish and International investors an outstanding opportunity to acquire a prime hotel in a key international capital city. Established hotels in Dublin city centre hotels rarely come to the market and this sale is especially significant as the Paramount Hotel is being offered with the benefit of full planning permission for additional rooms.'
He added: 'The successful purchaser will have the choice to continue trading under the already well established and independent ‘Paramount Hotel’ name or, an international hotel brand, with many of international hotel companies extremely eager to establish a flagship presence and their brand in the Dublin city centre market.'