Ireland's NAMA looks to sell Dublin's The Gresham

One of Ireland's most iconic hotels is reportedly up for sale. The National Asset Management Agency (NAMA) is preparing for a sale of Dublin's The Gresham. According to Ireland's Independent, The Gresham, on Dublin's O'Connell Street, is worth as much as €48 million, but NAMA may look to bank as much as €70 million.  

A sale culd come as early as September, the Independent writes.

The Independent reported earlier this year that accounts for the company behind the property, Precinct Investments, showed that it wrote back €9.8 million of a €22.7-million impairment it recognized in 2011.

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The company, whose loans are with NAMA, is owned by builder Bryan Cullen.

Precinct was used to take the Gresham Hotel group private in 2004, in a €117-million deal.

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