Potential bidders circle wagons for Dublin's Gresham hotel

Gresham Dublin

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.

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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."

Source: Irish Times

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