Belfast Telegraph

Offers made for leading Dublin hotels

By Peter Flanagan

Bids have been submitted for the sale of two of Dublin's most popular hotels.

Negotiations for O'Connell Street's Gresham Hotel and the former Burlington - both familiar to Northern Ireland visitors - are at an advanced stage.

Four bidders - US firms Cerberus Capital Management, Apollo Capital Management, a joint bid by Tiffco and Goldman Sachs, as well as Spanish giant Riu Hotels & Resorts - are offering more than €85m (£66m) for the Gresham.

The former Burlington Hotel in Dublin 4, meanwhile - now renamed the Doubletree by Hilton Burlington Road - is on the block for close to €180m (£139m).

First-round bids for that hotel were due last week.

At those rates, the two hotels are likely to sell for between €320,000 (£248,000) and €380,000 (£294,000) per room.

That figure is far above what the market has seen so far in the current cycle, and would push hotel prices above replacement value - a crucial benchmark of the health of the market.

Belfast Telegraph