Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Owner Of Dublin's Morrison Hotel Reportedly Closing In On Selling The Hotel For Over €65m

Published on Mar 10 2021 10:44 AM in Hotel tagged: Trending Posts / Morrison Hotel

Owner Of Dublin's Morrison Hotel Reportedly Closing In On Selling The Hotel For Over €65m

The owner of Dublin's Morrison Hotel, Russian businesswoman Yelena Baturina, is reportedly closing in on selling the hotel to a UK consortium for over €65 million.

The Morrison originally hit the market with a guide price of €80 million in March of last year.

Its guide price was reportedly reduced to €68 million last month.

Baturina purchased the 145-bedroom hotel, which currently trades under Hilton's DoubleTree brand, from Nama for €22 million in 2012, and she is believed to have spent as much as €10 million on a refurbishment of the property that was overseen by NODA Architects between 2012 and 2013.

According to The Irish Times, the hotel is now on the verge of being purchased by UK financial investors who are being advised by former general manager of Co. Wicklow's Powerscourt Hotel David Webster, and it is believed that a sale has been agreed between both sides, but due diligence is still taking place and the deal has not closed yet.

Statistics

Recently-filed accounts for Swift Row, The Morrison's management company, indicate that its sales amounted to €13.1 million in 2019 while it experienced a €2.2 million profit.

Baturina's investment company was paid dividends of €1.5 million in 2019.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email