Gresham Hotel Profits Up as Sale Imminent

By Steve Wynne-Jones
Gresham Hotel Profits Up as Sale Imminent

The Gresham Hotel recorded an operating profit of €3.4 million last year, as the iconic Dublin hotel is set to be sold.

The hotel almost doubled its profits compared to 2013, when it made €1.8 million. Turnover also increased in 2014, up to €18 million from €17.2 million.

The Gresham is owned by Precinct Investments but controlled by Nama. It is set to be put up for sale soon, with its general manager Patrick Coyle said to be among the suitors. The property is expected to sell for as much as €60 million.

The 200 year-old hotel is also said to be Dalata's radar, although its chief executive Pat McCann is sceptical as to whether it meets the group's investment criteria.

"The question we'd ask ourselves is if there is hidden value in it. Because it's an older building, you'd have to look at how challenged it is in terms of refurb and structure," McCann told the Irish Independent.

The 301-room hotel is expected to attract a lot of attention as the demand for properties in the city continues to rise. It is expected to continue to operate as a hotel, however it could potentially be used as office or retail space.