The five-star boutique-style Dylan hotel in Dublin, developed a decade ago by Menolly homebuilder Seamus Ross, has completed a €10 million extension to capitalise on the shortage of hotel stock in the capital.
The revamp, which was unveiled at a public launch Thursday night, increases the number of bedrooms from 44 to 72. The hotel, which is located just off Baggot Street in an old Victorian trainee nurse’s home, has taken on an extra 15 staff.
The Dylan is run by Mr Ross's daughter, Grainne Ross, and is a sister hotel of Dunboyne Castle in Meath, which was also developed during the last property boom by the Longford-born builder.
The hotel is considered a celebrity hangout, and past guests have included Australian musician Kylie Minogue.
In a statement last night, Ms Ross highlighted that the launch of the extension coincides with the tenth anniversary of the Dylan’s opening, and she expressed confidence that business would continue to grow.
Property market
Lyndonmont, the company that operates the hotel, had accumulated profits of €846,000 at the end of 2015, while its assets were valued at €6.7 million in the financial statements. However, the property is likely to be worth far more in the current property market.
Mr Ross, who was one of the so-called Maple 10 developers who took part in a share-buying scheme in Anglo Irish Bank prior to its collapse in 2008.
He exited Nama at the end of 2015 in a deal reportedly financed by Cardinal Capital. However, prior to his exit, receivers were appointed to parts of his housebuilding empire.
The accounts for Lyndonmont suggest the hotel is also partially financed by Garrison Earlsfort Investments, a vehicle associated with Dublin property finance firm Earslfort Capital and New York hedge fund, Garrison.
The hotel company's directors include Liam McGreal, the former Dunnes Stores and Kepak executive and the current chairman of outsourcing group Abtran.
Dublin-based Amoss property solicitor Alan Adams is also listed a director.
