Tetrarch Capital applies for planning permission
Tetrarch Capital, whose investments include Powerscourt Hotel and Citywest Hotel, has applied for planning permission to build what is being described as Dublin’s first purpose-built aparthotel scheme.
Tetrarch, formerly known as Brehon Capital, has submitted an application to Dublin City Council for a 159-unit development on Mark Street, off Pearse Street. The complex will be leased on a long-term basis to aparthotel specialist company Staycity, which is headquartered in Dublin.
Staycity Mark Street will have 159 individual units with 184 bedrooms and a gross floor area of around 6,600 square metres. Units will range from studios to one-bed suites and will be suitable for between two and four guests per apartment. Tetrarch plans to invest €25m in the development which is targeted for completion by the end of 2018, subject to planning approval.
“The Dublin aparthotel market is very undersupplied and Tetrarch Capital sees extremely strong demand for this type of accommodation from domestic and international travellers,” said Tetrarch chief executive Michael McElligott.
Aparthotels offer bedroom accommodation of a quality similar to hotels with the added kitchen facilities usually found in self-catering properties. They usually cater for slightly longer stays than hotels.
