Glenveagh Properties has sold the planned 262-bedroom Premier Inn hotel at its Castleforbes development in the Dublin Docklands to German-based company Union Investment for €70 million.
Construction of the hotel is due to start next month and the scheduled completion date is 2023.
The site also includes 1,256 apartments, 12,545 square metres of office space known as the Freight Building and a second hotel.
The second hotel, situated on the junction of East Road, will have 219 bedrooms.
The €70 million deal is a forward funding arrangement that will result in Union Investmet taking ownership of the hotel, according to Glenveagh.
The hotel is set to be operated by UK-headquartered hotel group Whitbread under its Premier Inn brand.
“We are delighted to partner with the hotel experts of Union Investment on this project,” Glenveagh chief executive Stephen Garvey said.
“This marks the start of delivery of a significant development in the Docklands which will provide a sustainable mix of residential, hotel and office accommodation in this prime city centre location,” he said.
“ The project forms part of a wider masterplan for our Dublin Docklands sites and is testament to our commitment to keeping sustainable development at the heart of everything we do,” he added.