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Gresham Hotel Sold for €92 Million To Spanish Hotel Group

Published on Aug 3 2016 12:18 PM in Hotel tagged: Kilkenny / Riu Hotel Group / The Gresham Hotel / Lyrath Estate Hotel

Gresham Hotel Sold for €92 Million To Spanish Hotel Group

Spain's Riu Hotel Group is set to buy Dublin's Gresham Hotel for €92 million after beating Tifco Hotel Group for the 4-star 323-bedroom hotel. It was put on the market by Nama earlier in the year for a value of €85 million, however the cost was expected to rise once refurbishments and other costs were taken into account.

Riu Hotel Group has properties in the likes of Miami, Jamaica, Dominican Republic, and recently opened its 647-room Riu Plaza New York Times Square, which cost €280 million. The Irish Times reports that it was expected any sale would need to get approval from the Competition and Consumer Protection Commission before going ahead.

Previously discussing the hotel groups interest in The Gresham, Luis Riu said, “We always search for cities that are attractive for business travellers, but also have the history, heritage, beauty and attractions that make it a fascinating tourism destination. And Dublin has all of these.” He also added that the hotel group may look for a second property in Ireland once the Gresham sale is approved.

Meanwhile, in Kilkenny, the five-star Lyrath Estate Hotel, which consists of 170 acres of mature parkland and has 139 bedrooms, has been sold for over €20 million to an Irish consortium of buyers, according to the Irish Examiner.

The consortium was represented by Conor Pyne of O'Connor Pyne & Co Accountants. While he would not identify the new owners, he did say that the buyer was not Lyrath's previous owner, Xavier McAuliffe. He added that the consortium sees potential for further development as well as increasing the hotel's revenue and profitability, and that the buyers “have an excellent, skilled team of highly motivated and expert hotel professionals on board with them.”

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