Offers Pouring In For Moran and Bewley's Hotel Group
Published on Sep 16 2014 1:23 PM in Hotel
It is understood that there have been six offers made for the Moran and Bewley's Hotel Group.
Each bid is over €400 million, which means that the board has to undertake a sales process in accordance with the terms of a restructuring agreement it entered into with its lenders last year.
Estate Agent Jones Lang LaSalle recently valued the group for more the €450 million.
The group has appointed the financial advisory group Rothschild to handle the sale and first round bids must be in by the middle of October.
Dalata Hotel Group is understood to be one of the bidders. It is the largest hotel operator in Ireland and is continuing its strategy of acquiring hotels throughout the country. It holds 9.4 per cent of the market while Moran and Bewley's has 2.9 per cent.
Other bidders are believed to include Goldman Sachs; Blackstone, which owns the Burlington in Dublin; Westmont Hospitality Group and Starwood, which owns the Westin and Sheraton brands.
The Moran and Bewley's Group, which is run by Tom Moran and his family, has 10 hotels throughout Ireland and the UK and expects to have revenues of over €100 million this year. All hotels in the group are currently performing well and benefitting from the favourable hotel and tourism market conditions.