Thu, 04 Nov 2010 | BUSINESS SALE
Property consultancy CBRE has launched an international marketing campaign to find a buyer for The Four Seasons Hotel in Ballsbridge, Dublin 4.
Despite the hotel having losses of €3 million last year, trading picked up this year – as did room occupancy all across Dublin which saw the biggest rise in two years.
Currently, no guide price has been disclosed for the five-star, 197-bedroom hotel, but a figure of around €30 million has been suggested as likely. Since the Convention Centre Dublin and the nearby Aviva Stadium have opened, the prospects for the hotel have considerably improved.
CBRE is hoping to find a buyer from a European or American-based investment fund as they feel it is unlikely they will find an Irish buyer due to the country's current economic situation.
If a sale price of €30 million is achieved, it will still fall short of the €50 million loan Anglo Irish Bank awarded to Nollaig Partnership to fund the hotel ten years ago.
Although Four Seasons currently has a management contract in place to run the hotel long-term, investors may prefer to run the hotel using their own management teams.
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