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Dublin's Morrison Hotel Purchased By London-Based Private Equity Firm Zetland Capital

Published on May 17 2021 12:18 PM in Hotel tagged: Trending Posts / Morrison Hotel / Swift Row / Zetland Capital

Dublin's Morrison Hotel Purchased By London-Based Private Equity Firm Zetland Capital

Dublin's Morrison Hotel has been purchased by London-based private equity firm Zetland Capital.

Sale History

It was reported in February of 2020 that The Morrison's previous owner, Russian businesswoman Yelena Baturina, was preparing to put the property up for sale. The hotel officially hit the market via commercial real estate services firm CBRE with a guide price of €80 million in March of 2020.

In February of 2021, it was reported that the hotel's guide price was understood to have been reduced by 15% to €68 million. It was subsequently reported in March of 2021 that Baturina was closing in on selling the hotel to a UK consortium for over €65 million.

Undisclosed Price

According to The Irish Times, The Morrison has now been purchased by Zetland Capital for an undisclosed price, but the deal was expected to be worth over €65 million, as reported in March, and Zetland Capital was advised on the deal by former manager of Co. Wicklow's Powerscourt Hotel David Webster, which was also reported in March.

Modernisation And Further Investment Plans

Zetland Capital has reportedly said that plans are being developed to modernise the hotel and invest in it further.

Zetland Capital Chief Investment Officer Statement

The Irish Times quotes Zetland Capital chief investment officer Ahmed Hamdani as saying, "We have a very active pipeline of leisure and hospitality opportunities across Europe. We understand the importance of the tourism sector to the Irish economy."

CBRE Representative Statement

Additionally, The Irish Times quotes Dave Murray of CBRE as saying, "The Morrison is one of Dublin's most iconic and well established upper upscale hotels.

"This transaction demonstrates the confidence from the international investment community in the strong fundamentals of the Dublin city centre hotel market over the long-term."

Doubletree

The 145-bedroom Morrison Hotel currently operates as a Doubtletree venue. Doubletree is a luxury four-star hotel brand that is owned by Hilton.

2019 Statistics

Recently-filed accounts for The Morrison's management company, Swift Row, show that its sales amounted to €13.1 million in 2019, and it made a profit of €2.2 million that year.

The accounts also show that Baturina's investment company, which also owns properties in Austria and Russia, was paid dividends of €1.5 million in 2019.

Moxy Dublin City Hotel Sale

Zetland Capital's purchase of The Morrison follows The MHL Collection's purchase of the Moxy Dublin City hotel earlier this month.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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