Gresham Sale Hots Up, Dalata Opts Out Of Burlington Bidding
Dublin's busy hotel market continues apace with first round bids now submitted for the landmark Gresham Hotel on O'Connell Street, while after weeks of speculation Blackstone has put the old Burlington Hotel in the Ballsbridge area of the capital up for sale.
The Irish Independent reports that as many as 84 non-disclosure agreements have been signed by potential buyers of the Gresham, which is now expected to sell for in excess of €85 million. The second round of bidding will take place within the next month for the bidders successful with their opening salvo.
It's being reported that both Dalata and US business tycoon John Malone are not among the suitors for the hotel.
Meanwhile, Dalata, which yesterday reiterated its intentions to continue with its expansion plans, has also ruled itself out of the running for another landmark hotel up for sale, the Burlington, now the Doubletree Hotel Burlington Road, which is now on the block with a guide price of almost €180 million.
According to the Irish Independent, Dalata chief executive Pat McCann said the board met and decided against entering the bidding process.