German investor Deka Immobilien has deepened its investment in Dublin’s hotel market, paying €86 million for the new Ruby Molly Hotel.
Developed by its seller, the ESR Group, and completed in April 2024, the hotel comprises 272 rooms along with a restaurant and one retail unit and is located at the junction of Arran Street East and Little Mary Street in Dublin city centre.
The hotel is operated by Ruby Hospitality Ireland Ltd, a subsidiary of Munich-based Ruby GmbH. Ruby’s “lean luxury” concept combines stylish design, prime locations, and an efficient operational model. Outside of Dublin, Ruby already manages a number of Deka-owned hotels in London (Ruby Zoe), Düsseldorf (Ruby Leni), and Munich (Ruby Rosi).
The Dublin Ruby Molly Hotel was developed to the highest standards of sustainability and carries BREEAM “Very Good” and Ber A3 certifications. It also meets the criteria of a Nearly Zero Energy Building (NZEB) – with sustainable drainage systems (SUDS), green roofing and the option to install photovoltaic panels in the future.
Commenting on its latest deal, Deka Immobilien said: “This acquisition aligns perfectly with our strategy to enhance geographical diversification and strengthen our focus on the hotel sector.”
Deka already owns a number of other well-known Dublin hotels including the Clayton Hotel Burlington Road, the Anantara The Marker at Grand Canal Quay, the Gibson Hotel in the city’s north docklands, and the recently developed Premier Inn at Newmarket Yards in Dublin 8.
Outside of its investments in Ireland’s hospitality sector, the German investor owns numerous prime office buildings in the capital. These include 40 Molesworth Street, which it acquired from State Street Advisors for €37 million last year and Block A, Riverside IV – a prime office building located at Sir John Rogerson’s Quay, which it acquired in 2021 from Irish Life Investment Managers for €164 million.
In 2020, at the height of the Covid-19 pandemic, it acquired the Baggot Plaza property, which Bank of Ireland has been renting since 2015, from Kennedy Wilson for €165 million. That deal came just months after Deka made its first investment in the Dublin office market with the purchase in late 2019 of the Reflector office building in the city’s south docklands for about €155 million.
