Agent CBRE has been formally appointed to handle the sale of Dublin's luxury Morrison Hotel at a guide price of €80 million.
News of the sale comes three weeks after The Irish Times reported on the intention of the hotel's owner, Russia's richest woman, Yelena Baturina, to cash in on her investment in the Dublin property. Ms Baturina acquired the Morrison from Nama for €22 million in 2012 and spent a further €10 million on its refurbishment between 2012 and 2013.
Developed originally in 1996 by the late publican Hugh O’Regan, the Morrison Hotel occupies a prime city centre location overlooking the river Liffey, within walking distance of Temple Bar, the shopping areas of Henry Street and Grafton Street, and the IFSC.
Designed originally by Douglas Wallace Architects, the boutique property comprises 145 guest rooms and suites, seven meeting and events facilities capable of accommodating up to 240 guests, as well as a state-of-the-art fitness centre.
The Morrison’s accommodation is complemented by a range of bar and restaurant facilities, including Halo Restaurant, Quay 14 Bar and the Morrison Grill. It trades under the Hilton Worldwide group’s DoubleTree brand. The Morrison is being sold subject to a franchise, offering operational flexibility for a new owner. There is also potential, according to the selling agent, to enhance the facilities, with scope for further development through the acquisition of adjoining properties.
CBRE’s head of hotel investment properties UK & Ireland, Paul Collins, says: “The Morrison has enjoyed tremendous trading success in recent years and presents an unrivalled opportunity to invest in a Dublin gem situated in a truly central location.”