43 rooms will be added to the historic four star The Clarence, bringing the key total to 102.
Renovation plan
Press Up’s refurbishment will combine the hotel with an adjacent building, which the company is also purchasing.
Further renovations will create a modernised boutique hotel containing eight specialist food and beverage spaces.
Project funding
The Irish hospitality firm used a €43 million loan from specialist lender Leumi UK to acquire the freehold and undertake the works.
Press Up has owned the leasehold on the property since 2019.
Hotel history
The Clarence Hotel, known internationally as Dublin’s ‘rock and roll hotel’, is located in the Temple Bar neighbourhood next to the city’s top music venues and tourist attractions.
Purchased by U2’s Bono and The Edge in 1992, the building’s rooftop is known for the band’s live performance of hit song ‘Beautiful Day’ on BBC’s Top of the Pops in 2000.
It has historically been one of the best performing hotels in the city with a typical occupancy rate of more than 90%.
Exciting growth
Paddy McKillen Jnr at The Dean Hotel Group, said: “Our exciting refurbishment and growth plans required a reliable and expert financial partner, qualities we quickly discovered in Leumi UK.
“Working closely with the team showed us their dedication to understanding the asset and structuring the most effective solution to support our plans.”
New heights
Liam Mullans, relationship director at Leumi UK, added:: “This was a complex transaction that required the specialist expertise of Leumi UK’s hotel finance team, but I am glad to say that through regular communication with the client we have agreed a package that will see this iconic property reach new heights.
“It has been a pleasure working with Press Up Hospitality Group, whose experienced team will grow the hotel’s already illustrious reputation among locals and tourists alike.”
Press Up pipeline
Press Up Hospitality Group is Ireland’s largest leisure and hospitality company with more than 1,600 employees and €150 million in annual revenue.
Other projects in its pipeline include The Dean Birmingham, a 155-key site heading to the UK’s midlands in Q1 2025; Ladyville House, a 22-key conversion property scheduled to open in Cork, Ireland, in Q3 2024; and the 55-room The Linster Hotel, another Dublin addition, due to complete this December.
