Apollo hoping to hit high notes with Hard Rock sale

The owners of the Hard Rock hotel in Dublin are planning to put it on the market just two years after it opened for business. Apollo Global Management, an American private equity firm, is thought to be asking €80m for the 120-bedroom hotel, which also includes the Hard Rock shop and Zampas restaurant at ground floor level.

The hotel, which is on Lord Edward Street in the Temple Bar area and a two-minute walk from Dublin Castle, was opened in February 2020 as part of a €30m development.

The existing redbrick Parliament hotel was renovated, while a new seven-storey hotel was built to the rear of the property on Exchange Street Upper.

Get the week’s top news delivered directly to your inbox – Sign up for our newsletter

Apollo has recently been involved in activities tapping into the retail and tourism market. Last year they finalised a deal purchasing Las Vegas Sands, teaming up with VICI, the companies agreed to purchase the assets and property for $6.25bn at a time of great uncertainty.

Apollo Global Management Partner David Sambur said the Venetian and Palazzo have been “well maintained” and provide Apollo with “pent-up growth opportunities.” Las Vegas Sands’ investment focus has been its resorts in Macau and Singapore, which the company will retain.

The two Las Vegas resorts have seen some reinvestment, and Sambur noted the unfinished St. Regis tower along the Strip that “has been draped” since 2011, three years after construction was halted on the planned $600 million condominium project.

Source: The Times

Can’t stop reading? Read more