Leonardo Hotels has added the g Hotel & Spa in Galway to its portfolio.
Located on Old Dublin Road, the five-star hotel comprises 101 bedrooms, three lounges, a spa, conference facilities and a restaurant.
Following the acquisition, Leonardo will take over the running of the hotel from current operator Choice Hotel Group. The g Hotel will retain its brand and join the Leonardo Limited Edition collection of individually branded hotels, which includes The Dilly in London, The Grand Brighton, Hotel Gotham Manchester and The Midland Manchester.
The hotel was last sold in 2019, with investment firm Alanis Capital purchasing it for over €40m.
CBRE advised Leonardo on the deal.
Why it matters
This is Leonardo’s latest acquisition as it continues a buying spree which has included the purchases of; Hotel Gotham in Manchester in May, the Zien Group and its 12 hotels in the Netherlands, Hotel Cierone Rome, all of which took place this year. According to Leonardo Hotels UK & Ireland CEO Jason Carruthers, the company is set to close on the acquisition of another well-known Dublin hotel in the next six weeks which has been earmarked to become Dublin’s second NYX hotel after the Dublin Portobello site which opened in January this year.
What they said
Dave Murray, senior director of CBRE’s hotel team said: “The sale is the first transaction of scale for a trading hotel in Galway for 7 years and demonstrates the strong appetite from hotel investors for opportunities in Galway city. Trading performance in Galway has improved considerably in the last 2 years and as a result numerous hotel groups are looking to enter the market.”