Final Bids on the Table for Gresham Hotel
The deadline for bidding on the landmark Gresham Hotel has been reached, with offers expected to have reached up to €85 million for the property.
The four final suitors for the hotel have put their proposals on the table, and the winning bid is expected to be announced next week, The Irish Times reports.
The four interested parties are: Spanish hospitality company Riu Hotel Group, private equity firms Cerberus and Apollo, and Irish hotel group Tifco, backed by financial giant Goldman Sachs.
Spain's Riu Group, owned by siblings Luis and Carmen Riu, made its ambition to land the hotel clear in the Irish media last week. “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.," said Luis. "And Dublin has all of these.”
The 323-bedroom hotel, which first opened in 1817, is being sold by Precinct Investments, which bought the hotel in 2004 for €117 million. It is being sold as an "unencumbered" asset, meaning an international chain can choose to rebrand if they wish, or continue trading under the reputable Gresham name.
The 4-star hotel on Dublin's O'Connell Street garnered much attention as the accommodation market in Dublin continues to rise in value due to short supply.