On-trade

Morrison Hotel sells for €22m

Russian oligarch Elana Baturina has purchased The Morrison Hotel on Ormond Quay in Dublin from the Receiver Martin Ferris for €22 million through Beneco Privatstiftung, a company registered in Vienna, Austria.

The 138-bedroomed hotel was part of Hugh O’Regan’s property empire put into Receivership and now under the control of NAMA.

Elana Baturina also has hotels in Austria, the Czech Republic and Russia.

Its ideal city centre location among other considerations is thought to have been responsible for the selling price coming up just €3 million short of the asking price by CBRE.

 

This sale represents the fourth in the last five hotel sales in Dublin to have been acquired by interests outside this country. The previous three are the Four Seasons, Chief O’Neills and The Grand Canal.

Paul Collins of CBRE Hotels added, ”The sale of the Morrison Hotel Dublin demonstrated that there is huge appetite from international buyers for prime hotels in Dublin city centre. With almost 18 consecutive months of positive Revpar growth, the Dublin hotel market is firmly in recovery mode and prime hotels are poised to take advantage of this over the next number of years. The strong recovery of the Dublin hotel market has been quite remarkable over the past 18 months and the strength of the resurgence is reflected in the statistics for Dublin hotels with the city being one of the best performing cities in Europe in 2011”.

Paul Collins added, “We received exceptional interest in this quality asset, with the majority of the interest from the UK and mainland Europe. We had over 70 serious expressions of interest, numerous viewings and more than 12 formal bids with a combined value of over €200 million”.

 

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