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