In Dublin, NAMA has approved an international marketing campaign to find a buyer for the Gresham Hotel, which will celebrate its 200th anniversary next year.
Paul Collins of CBRE Hotels and Dave Murray of Christie & Co. will oversee the sale, which the Irish Times notes is expected to attract more than €80 million. Twelve years ago, Precinct Investments, a company controlled by house builder Bryan Cullen, paid €117 million for it.
Irish-listed hotel group Dalata reportedly intends to bid for the historic hotel, but may face competition from international hotel chains who, if successful, could add the hotel to a brand. The Goldman Sachs offshoot Tifco along with U.S. businessman John Malone and several North American and Asian bidders may also bid for it, according to the Times.
The property already has permission for expansion in place: The number of guestrooms could be increased to 465; and the conference spaces, banqueting facilities and back-of-house spaces could also be enlarged.
Ireland's hotel industry saw a 20-percent increase in revenues last year–the highest of any European country–and Dublin is poised for a strong 2016 due to an "acute shortage in bedrooms in the city."