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Wednesday, September 9, 2009

Tallagh Property Developer comes up with novel idea to improve cashflow

TROUBLED property developer Liam Carroll has come up with a novel idea to improve cash flow – by converting two hotels he owns in Tallaght into bedsits. The 186-bedroom Tallaght Cross Hotel and the 48-bedroom Glashaus hotel, both of which closed in January, have reopened, offering rooms to rent on a long-term basis.



Both hotels had been aimed at the upper end of the business market but had failed to attract sufficent numbers of customers to the area which is already well supplied with hotels. Double bedrooms are now being rented out at €575-€600 each per month. So far, over 50 rooms have been let, according to a property source, who says that they’ve been converted to bedsits through the addition of a kettle and a microwave.