Hilton Hotel Offered For Sale At €22 Million
Published on Sep 27 2013 8:56 AM in Hotel
The profitable Hilton Hotel at Charlemont Place in Dublin 2 is to be offered for sale through Savills at a guide price of €22 million.
The Hotel, which boasts nearly 200 bedrooms, posted profits of over €2 million last year, and is trading strongly again this year.
It was owned by property developers Bernard McNamara and Jerry O'Reilly, whose loans were transferred to the National Assets Management Agency.
AIB originally provided the funding for the Hotel in 1997.
The Hilton was upgraded at a cost of €5 million in 2008 and since then there has been an annual allocation of capital expenditure to ensure that the facilities were kept at a high standard.
A conference hall with a theatre-style layout to accommodate up to 400 people has been provided and earlier this year three further meeting rooms were added to meet business demands.
Jack Fagan of the Irish Times believes that the Hilton is will be of interest to both Irish and overseas investment funds because of its steadily growing profit margins over the past three years and the shortfall of available city centre hotel rooms.