Purchase of Galway's Westwood Hotel
Ziggurat Student Living Announce Purchase of Galway's Westwood Hotel For Immediate Release, June 8, 2017
The Ziggurat Student Investment Fund today announced the official completion of the sale process for the Westwood Hotel site in Galway City. This ideally placed site is located just minutes from the NUI Galway campus. With it’s unbeatable proximity to NUI Galway, the Newcastle location will provide convenient, safe, and much needed additional accommodation for up to 400 students.
Now that the sale has completed, the new owners will continue to meet with residents associations as the project moves to its next phase. The Westwood Hotel will operate through January 2018. A plan is in place for an orderly and planned transition which will take place in early 2018.
The acquisition opportunity was sourced by Atelier Property Group (APG) who are appointed by the fund as development manager and property manager. Matthew McAdden, Chief Executive Officer of Atelier Property Group outlines APGs plans for expansion in the market.
"Atelier has set out its target to manage 20,000 beds by 2020. 10,000 in Ireland and 10,000 in the UK. Atelier has proven its abilities as Development Manager, Property Manager and Asset Manager. Atelier’s strength, depth and experience make it uniquely positioned to maximise value for funds, asset owners and landowners operating in the purpose built student accommodation sector in Ireland, having successfully managed the acquisition, development, management, letting and sale of £100 million of student assets in the United Kingdom.”
The Ziggurat Student Living (ZSL) brand manages and operates buildings in Ireland (Dublin and Cork) and in the UK (Edinburgh and Reading). The company specialises in safe, professionally-managed, high-end accommodation, conveniently located close to college campuses. In each location, there is a property manager on site with reception facilities, amenities and added extras provided as standard.
Over the next 4 years, the ZSL brand will launch 4,000 student beds across Ireland. Immediate plans include an additional Cork building located at Western Road for 190 beds, to open in September 2018 and 3 further sites in Dublin; a site at North Circular Road for 420 beds and 2 sites on Dominick Street Upper, totalling 324, to launch in June 2018.
For further details, images and a list of all ZSL properties, visit ZigguratStudents.com. For additional information on Atelier Property Group, visit AtelierProperty.ie.