Sale of Dublin's Gresham Hotel part of O'Connell Street renaissance

The year-long saga of Dublin’s Gresham Hotel has come to an end as Ireland’s National Asset Management Agency agreed to sell the property for €92 million to Spanish firm RIU Hotels and Resorts, which outbid local Goldman Sachs offshoot Tifco for the hotel.

The sale reportedly provided just under €60 million in profit for the agency. The Gresham's board is expected to approve the takeover early this week. 

NAMA declined to comment about the sale but Dublin Town CEO Richard Guiney told the Independent that the deal was a "vote of confidence for the north side of the city.”

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


The Gresham may face some competition if plans to renovate the space once inhabited by the historic Clerys department store (one block away from the Gresham on O'Connell Street) are approved. The Victorian-era building is expected to undergo a €150-million renovation that will preserve the structure and create new retail and office space, as well as a new 176-room hotel. 

 

Suggested Articles

Oxford Capital Group’s wholly owned affiliate, Oxford Hotels & Resorts, has taken over management of the properties.

The partnership with Black Salmon leverages both company's strengths across acquisitions, asset management and capital raising.

A growing percentage of Best Western's pipeline is in the boutique sector, and the company sees opportunities for further growth.