€50m deal for property, €20m for the hotel is close
Two properties, one of them the property of the former president of the Republic of Ireland, have been bought for €50 million, and a hotel is under construction.
The €20 million is part of a €70 million investment in the property, the former Ballymaloe hotel, and the hotel will be built in a five-storey building at the centre of the city centre.
The investment was announced by the Republic’s Economic and Social Affairs Minister, Leo Varadkar, during a visit to Ballymoor, where the hotel and retail and residential development is planned.
Mr Varadkars visit comes as Dublin’s economic growth has taken a hit, and tourism is down.
The new Bally Maloe Hotel, which has been designed by renowned architect, Daniel Pinto, is set to open in 2019.
The two properties, which are situated at the junction of the south bank of the River Shannon and the Ballybally Road, were bought for the estimated €50-70 million by a consortium led by the European Investment Bank (EIB), a member of the eurozone’s 28 currency countries.
The EIB said it was looking to secure the properties for its own portfolio of hotels, and that the two properties could be developed into one hotel, as well as into two.
The hotel will include a restaurant, a hotel lounge, a cinema, a leisure centre and offices.
Mr Pinto is a former mayor of Ballyboe and the architect of the Balsams Ballygolan Hotel, and was awarded the prestigious St Andrew’s Medal in 2000 for his work on Ballygaloe.
Ballymaloes former mayor, Michael Collins, said: “This is an incredible opportunity for us.
It will be a great asset for the city.
It is a great location, it is a beautiful location, and it will be the perfect location for a new hotel.”
It’s not just a project for the EIB, it’s for the whole region.
I’m very confident it will go ahead.
“The EIF was set up in 2005 to help revive Ireland’s tourism industry, and is responsible for managing investment in Irish banks.
It invests in Irish companies and has a portfolio of over €1.3 billion.
In recent years, Ballyhans tourism has suffered.
Ballyfaloe was the site of an international convention in 2002, but has since suffered from a decline in visitor numbers.
The Bally Mall, which opened in 2015, is an international mall, and has also suffered from declining visitor numbers as well.
Mr Collins said the new hotel and shopping centre would be a “game-changer” for the area.”
This is a very exciting project, and we are very proud of the architecture, the design of the project, the planning, the investment by EIB and we look forward to seeing it take shape in the coming years,” he said.
The property in question is a five storey building which will be completed by 2021.
The building will be used for retail and retail shops, restaurants and leisure facilities.