German property group Deka Immobilien is believed to be on the verge of acquiring the four-star Gibson hotel in Dublin’s docklands.
According to a news report by the Irish Times, this would be the second Dublin hotel to be bought by Deka, following the purchase of the former Burlington Hotel in 2016.
The Gibson hotel was put up for sale in August by Savills with a price tag of €87 mln, reflecting a net initial yield of 5.12%.
Let to Galsay, a subsidiary of Irish hotel group Dalata, the Gibson Hotel opened in 2010 and has an unexpired lease term of 17.8 years. Located on the North Docklands in Dublin’s Central Business District (CBD), it occupies an area known as Point Square.
Named after the famous Gibson guitar, the property comprises 252 bedrooms, including 20 suites. Built by property developer Harry Crosbie, it was taken over by Irish bad bank NAMA in 2013 alongside a number of other assets. Grant Thornton was appointed as receiver.
News of the potential deal in Ireland comes days after PropertyEU reported that Deka had acquired the W Amsterdam hotel for €260 mln.
The vendor of the 5-star designer hotel, which is operated by SMB Capital Group, is Cyprus-based Fentonir Trading & Investments.
Deka Immobilien is also believed to be the buyer of Tower 185 in Frankfurt for around €800 mln, PropertyEU reported today.
The estimated price tag makes this one of the largest single-asset deals ever in Gemany.
