Ireland: Property investment fund Tetrarch Capital is to place its hospitality business into a separate division and build a Dublin aparthotel.
Tetrarch Hospitality will be led by Damien Gaffney, the group's
current chief investment officer of the overall group. Glenn
Valentine, general manager at the company's Citywest Hotel, will
become director of operations.
About 55 per cent of Tetrarch's portfolio is made up of hotels and apartments. Tetrarch Hospitality will manage Mount Juliet, Citywest Hotel, The Dawson Hotel, Killashee House Hotel, Mount Wolseley, Clonmel Park Hotel and Jacob's Inn.
Gaffney said: "We've made a number of excellent additions to our hospitality and leisure portfolio this year, and as we approach 2016 we're very positive about the opportunity to undertake further compelling acquisitions. I'm really looking forward to leading the team over this next phase as we look to increase the scale and breadth of our portfolio and the income we generate across all forms of accommodation assets."
Tetrarch also revealed plans to build an aparthotel at a site it owns on Mark Street, close to Dublin's Trinity College.
"The Dublin aparthotel market is under-supplied and Tetrarch Capital sees very strong latent demand for this type of accommodation from domestic and international travellers, particularly from visiting families," the company said.