Landmark Dublin hotel set to fetch €75m in sale
A major Dublin hotel popular with Northern Ireland's rugby fans has gone on sale for nearly a quarter of the price it fetched five years ago.
The four-star Burlington in Dublin 4 is the city's biggest with 500 rooms and has a guide price of up to €75m (£59.5m) - down from the almost €300m (£238m) it fetched during the boom.
Bank of Scotland (Ireland) appointed receivers to owner the Burhotel Trading Company earlier this year.
Receiver Grant Thornton appointed CBRE to sell the hotel, which said it was in Dublin's "most sought-after address".
Burhotel Trading Company was controlled by developer Bernard McNamara, one of the Republic's most high-profile developers.
He took one of the worst hits in the property crash and is thought to have debts of €1.5bn (£1.1bn). He paid €288m (£228.7m) for the Burlington in 2007, one of his biggest deals.
Paul Collins of CBRE Hotels said: "We expect exceptional interest in this quality asset with much of this to come from international buyers.
"The hotel with its 501 bedrooms and suites, superb conference and banqueting facilities, its prime location and very strong profitability, should appeal to many international hotel investors and the opportunity to acquire Ireland's most successful and best known hotel, is undoubtedly going to generate strong worldwide interest."
CBRE said Dublin hotel statistics had been among the best in Europe for almost two years.
The firm said: "Dublin's positive and sustained hotel performance is reflected in the Burlington Hotel's current trading position which now ranks as the most profitable hotel in Ireland.
"The hotel has benefited from substantial capital expenditure since reopening in May 2008 and recently completed a major upgrade of its fire and safety facilities at a cost of approximately €1.2m (£0.95m)."