Gresham Hotel to be Bid On by its General Manager
The Gresham Hotel is expected to be bid on by by a group led by the hotel's general manager, backed by a US investment group.
The 301-room hotel is expected to be placed on the market by NAMA next month, and Windward Investments led by the Gresham's general manager Patrick Coyle, along with US hotel management company Pyramid, are expected to make a play for the €60 million-valued hotel.
Pyramid Group recently entered the hotel market in Ireland, purchasing the The Temple Bar Hotel for a fee said to be in the region of €30 million. Windward took over the day-today management of the property.
The Irish Independent reports the group is expected to continue to run the property as a hotel, rather than a retail or office space.
Nama are selling the iconic Dublin hotel after taking control from Precinct Investments, the company owned by builder Brian Cullen. Precinct took over the Gresham in 2004 in a €117 million deal.
Demand for hotel space in Dublin is booming, as room occupancy continues to rise. A survey carried out by accounting firm Crowe Horwath showed an additional 5,000 hotel rooms will need to be created in the next three to five years to cater for demand in the city.