German real estate firm Deka Immobilien is rumored to be the new owners of the Gibson Hotel in Dublin's docklands, which has been priced at €87 million. Savills is selling the property on behalf of receivers Paul McCann and Stephen Tennant of Grant Thornton.
Opened in 2010, the 252-guestroom Gibson Hotel, which was designed by Scott Tallon Walker, was originally owned by Choice Hotels. However, the property is currently being leased by a Dalata Hotel Group subsidiary, which acquired stock in the property last year.
The Gibson's sales brochure states that the expected rent for 2017 is €4.65 million. The expected rent total is made up of the base rent of €2.93 million per year and the variable rent, which is linked to turnover and predicted to be €1.72 million this year. The lease of the Gibson Hotel runs for a 17.8-year term.
Deka also owns the former Burlington Hotel in Dublin, which is operated by Dalata under its Clayton brand as part of a 25-year management contract. Dalata's transaction consideration from acquiring its operating stock in the hotel was €2.5 million. In 2016, Deka purchased the Burlington Hotel from U.S. investment firm Blackstone for €180 million.
This past August, the group partnered with Dalata again as the two groups signed a sale-leaseback deal on the Hotel La Tour in Birmingham for €33 million. Dalata is set to operate the hotel on a new 35-year lease for approximately €1.8 million per year. The rent of the property is subject to five yearly reviews, which are index-linked to the retail price index.