Property adviser CBRE has been appointed to sell one of the best known hotels in Dublin. Paul McCann of insolvency specialist firm Grant Thornton, acting as receiver of Burhotel Trading Company, has instructed CBRE Hotels Dublin to the market and offer the Burlington Hotel for sale by private treaty.
Property adviser CBRE has been appointed to sell one of the best known hotels in Dublin. Paul McCann of insolvency specialist firm Grant Thornton, acting as receiver of Burhotel Trading Company, has instructed CBRE Hotels Dublin to the market and offer the Burlington Hotel for sale by private treaty.
CBRE Hotels is suggesting EUR 65 mln to EUR 75 mln as the guideline price range.
The four-star Burlington Hotel - described by CBRE as one of Europe's biggest city centre hotels - is by far Dublin's largest hotel with 501 bedrooms. It also features 3,182 m2 of conference, meeting and banqueting space for 1,998 delegates. The hotel has two separate bars and two restaurants.
Paul Collins of CBRE Hotels said: 'We expect exceptional interest in this quality asset with much of this to come from international buyers. The hotel with its 501 bedrooms and suites, superb conference and banqueting facilities, its prime location and very strong profitability, should appeal to many international hotel investors and the opportunity to acquire Ireland's most successful and best known hotel, is undoubtedly going to generate strong worldwide interest'.
CBRE said that the strong recovery of the Dublin hotel market has been quite remarkable since late 2010 and the strength of the resurgence is reflected in the performance statistics for Dublin hotels, which have been amongst the best in Europe for almost two years now. Burlington Hotel ranks as the most profitable hotel in Ireland.
