Maslow Capital has completed a €54.2m development facility for a new 235-key hotel in The Liberties, Dublin 8.
The eight-storey hotel, which will be set on a 0.5-acre site on Fumbally Lane, is designed to operate as a four-star property. The borrower has agreed a long-term lease agreement with The Ascott Limited and the hotel will operate under its Lyf brand.
The hotel will comprise a mix of standard rooms and studio units with kitchenettes, alongside ground floor amenities including café, lounge and co-working facilities.
Frank Daly, senior director, origination (Ireland) at Maslow Capital, said: “It has been a pleasure working with MM Capital and SCIO Capital on this transaction. They brought a well-defined vision for the project and we were able to structure a bespoke financing package that reflected the specific requirements of the scheme. Dublin’s hotel market continues to benefit from strong visitor demand and limited new supply, and The Liberties is an increasingly attractive location for quality hospitality development.”
Aron Connolly, director, lending solutions at Maslow Capital, added: “What made this transaction well suited for our lending solutions product was the combination of a distinctive concept, strong delivery team and an excellent operator. Our role was to understand the borrower’s business plan and structure a facility around it, rather than fitting the project to a standard template.”
Jason Harris, CRO at SCIO Capital (joint venture partner with MM Capital), said: “We are grateful for the hard work and support of the Maslow team throughout the process. It was great to get this facility over the line with an experienced funding partner and we look forward to working together on this exciting project.”
