Doyle Collection considers sale of hotel in Boston after unsolicited approaches
Irish hotel group the Doyle Collection has appointed estate agent CBRE to advise it on the possible sale of its Back Bay Hotel in Boston after receiving unsolicited approaches for the business.
This comes just weeks after the group placed two of its three properties in Washington on the market, also through CBRE.
The Doyle Collection plans to deploy the funds raised from the sales on bolstering its position in the London market, probably via an acquisition.
It owns and operates three large luxury hotels in London: the Bloomsbury, the Kensington and the Marylebone.
The Back Bay is a leased hotel that has been operated by the Doyle Collection since 2004.
The lease was acquired in 2002 by the former listed Jurys Doyle Hotel Group, a predecessor to the Doyle Collection.
Jurys Doyle paid $20 million for the lease and invested $45 million (€35.4 million) in transforming the former Boston police department’s headquarters into a 225-room hotel.
Any disposal of the Back Bay would be likely to take place in 2013.
However, the Irish hotel group, which is controlled by the Doyle and Beatty families, might retain ownership of the hotel if the offers received do not meet its expectations.
In Washington, the Doyle Collection has decided to put the Marriott Courtyard Hotel and the Normandy Hotel on the market though CBRE.
It is understood that there has been strong interest in both properties.
It plans to retain the 327-bed Dupont Circle Hotel in the US capital. This was refurbished in recent years for $52 million.
The decision to dispose of certain US hotels follows a strategic review of its 11-strong portfolio by the Irish hotel group.
It has decided to focus on large, wholly owned and operated luxury hotels in major cities, notably London.
It is understood that the Doyle Collection is not planning to add to its Irish portfolio.
This comprises the five-star Westbury Hotel and the four-star Croke Park Hotel in Dublin, and the River Lee Hotel in Cork.
It previously owned the Burlington, Jurys and Berkeley Court in Dublin, and the Jurys Inn chain of budget hotels.
The company, which is led by Pat King, also has a property in Bristol, England.