Belfast Telegraph

Belfast city centre budget hotel Etap sold off in £6.6m deal

By John Mulgrew

Belfast budget hotel the Etap has been sold in a deal worth £6.6m.

The city centre building on the Dublin Road - which houses the low-cost Etap hotel - was sold to CBRE Global Investors.

And the sale also includes a ground floor retail unit, which is currently occupied by the popular public house Filthy McNasty's next door.

Etap will continue to run as normal its remaining let on a long-term 17-year lease.

It's understood the building was owned by Co Londonderry developer Seamus Gillan. The Etap is one of a number of budget hotel chains which have popped up in Belfast over the last few years, and is operated by French firm Accor Group.

Accor also runs several other global hotel brands including Ibis - which has two outlets in Belfast.

The 146-bedroom Etap opened its doors in 2013, and is one of several cheaper hotel options in the heart of the city.

Gavin Elliott, director of CBRE, said the new investment offered a "low-risk return" given the long lease and "quality of the tenants".

"There is increasing demand for budget accommodation in major cities as people look for value and choice when requiring overnight hotel space," he said.

"Belfast needs to be able to offer choice and supply at every price point given the surge in tourism and business travellers to the city."

Meanwhile, it's been revealed a firm called Promontoria Eagle Ltd was responsible for appointing administrators to boutique Belfast hotel Ten Square.

Promontoria Eagle is a Dublin-registered firm, whose directors include executives at Cerberus, the fund which acquired Nama loans held by Northern Ireland debtors last year.

Control of Ten Square was taken over by administrators EY on Tuesday.

The four-star venue - located behind the City Hall - had been owned by property developer John Miskelly.

But EY has said it will be "business as usual" for the 23-room city centre hotel, which was sold to Mr Miskelly by Nicholas and Paul Hill in 2008.

Belfast Telegraph