One of Dublin’s landmark hotels, the Westin on Westmoreland Street, is expected to sell for more than €50 million when it is offered for sale in the coming weeks on the instructions of its receiver, The Irish Times reports.
Receivers PwC are due to appoint selling agents shortly to handle the disposal of the 163-room hotel, which was held as an investment by the now defunct Treasury Holdings for almost 15 years.
Like other top hotels sold over the past 18 months, the Westin could be acquired by one of the large number of foreign buyers who have been chasing investment opportunities in Dublin since the property market collapsed.
It is one of the best located hotels in the city, occupying about 80 percent of an entire block overlooking Trinity College and originally owned by Allied Irish Banks, the Times says.
Analysts will undoubtedly study recent hotel sales in the city before attempting to put a realistic value on the Westin.
Kennedy Wilson’s decision to pay €110 million for IBRC and Bank of Ireland loans tied to the Shelbourne Hotel would appear to put a valuation of just over €400,000 on each of the 265 rooms. And the recent sale of the Clarion Hotel in the IFSC for €33 million works out at €200,000 per key.