Paddy McKillen jnr’s Press Up Entertainment group, the State’s largest and fastest-growing pub and restaurant group, is understood to have acquired a site in Galway with planning permission for a 134-bedroom hotel.
The site, at Prospect Hill in Galway city, received planning permission in September last year following an application by Highgate Properties Limited. Highgate is a relatively small developer with mainly residential sites across Dublin and Galway.
While the site has permission for 139-bedrooms, it was marketed as a development opportunity for a 134-bedroom four-star hotel.
It is understood Press Up paid €4.5 million for the land which encompasses numbers 80, 82, 84 and 86 on Prospect Hill. Number 80 was formerly the site of the Shannon Dry Cleaners business which subsequently moved following a fire at the building.
In addition to the bedrooms, there is permission for two bars within the building, which will ultimately have a total gross floor area of 5,310sq m.
The acquisition of the 0.73 acre city site comes as Press Up – currently evaluating a potential initial public offering – eyes opportunities to enter the UK market in the medium term.
The Irish Times first reported in March that Press Up, set up by Paddy McKillen jnr and Matt Ryan in 2009, was considering a stock market flotation. It hired Goodbody Stockbrokers to help assess funding options for the group.
Main shareholder
Mr McKillen jnr is the main shareholder with a 50 per cent stake, while his father, property developer Paddy McKillen snr, holds 25 per cent. The remainder of the business is held by Mr Ryan and Liam Cunningham, a long-time associate of Mr McKillen snr.
Press Up, which last year had a turnover of about €52 million, has said it hopes to open at least nine new hospitality venues over the coming year, including the Devlin hotel in Ranelagh, Dublin, which will open in the summer.
The group is also reported to be developing a 140-bedroom hotel in Cork. It is also planning a revamp of former private members’ club Residence on St Stephen’s Green, which it purchased recently.
In addition, Press Up will soon open a cocktail bar in a three-storey building on Dublin’s Aungier Street, which company documents suggest will be called The Dutch Billy.
The group’s other recent purchases include the well-known Elephant & Castle restaurant business in Temple Bar.
