Thekeycollections Signs 25 Year Lease

Irish owned company theKeycollections, which currently operates five hotels and three guesthouses in Dublin, has signed a 25 year lease with MM Capital to operate Barnacles, a 171-bed hostel in Dublin's Temple Bar

The property will be rebranded and operate as Barnacles Hostel by theKeyCollections and refurbishment will take place over the next few months. MM Capital, an Irish property development company, announced that they acquired the property.

The addition of Barnacles Hostel sees theKeyCollections expand their inventory in Temple Bar which also includes the 40-bedroom Handels Hotel. Christopher Kenny, Group Marketing Manager for theKeyCollections said: “We are excited to add this unique property in central Dublin to theKeyCollections group. Barnacles complements theKeyCollections continuing growth strategy and supports our vision of offering our guests genuine experiences in superb locations.”

Christopher added “theKeyCollections is focused on growing their business in both in Ireland and the UK and this exciting project with MM Capital gives us the opportunity to expand our accommodation offering in one of Dublin’s most sought-after locations by tourists. Despite the uncertainty caused by Brexit, Dublin remains a key market for our expansion plans as we believe that the demand for tourist accommodation in Dublin will remain strong.”

Barnacles joins a growing list of properties which have joined theKeyCollections in the past 24 months including Hotel St. George, The Camden Hotel and The Gate Hotel in Dublin along with The Exhibitionist Hotel in South Kensington London.

theKeyCollections recently announced a profit increase of 33% to €1.2 million and a revenue increase of 22% to €22.5 million for 2017.

news