Goldman Sachs and Tifco Set Sights On Moran and Bewley's Group
Published on Sep 28 2014 3:24 PM in Hotel
Goldman Sachs, the US investment bank, has joined with Dublin hotel group Tifco to bid for the Moran and Bewley's hotel group.
Tifco owns six hotels, including Dublin's Clontarf Castle Hotel, and also operates eight other hotels. It is understood that Goldman Sachs is supportive of Tifco's expansion plans.
This pairing is the latest party to be revealed as having an interest in the Moran and Bewleys hotel group, which is being offered for sale as a result of an unsolicited bid by hotel chain Dalata. Other bidders include London & Regional, which owns the Four Seasons in Dublin and Starwood Captial, which owns the Sheraton and Westin brands. Blackstone which owns Dublin's Burlington Hotel and Westmont Hospitality are also beleived to be interested.
First round bids should be in by mid-Octrober and the sale is expected to be completed by the end of the year if a suitable buyer is found. All bids so far are over €400 million and the hotel group is hoping to attract a bid of around €450 million, in accordance with estate agent Jones Lang LaSalle's recent valuation.