Former Berkeley Court and Jurys Hotels to be sold
Published 02/04/2015 | 02:30
THe former Jurys and Berkeley Court hotels in Ballsbridge are to be sold off in a deal worth an estimated €120m.
The two hotels, which became symbols of the boom after they were bought by Sean Dunne for €380m in 2005, are expected to be brought to market in the coming weeks.
The properties were taken over by Ulster Bank some time ago. Dalata had agreed an option to take a 25pc stake in the companies that control the hotels but last year Ulster Bank moved to take full control of the two firms, ahead of a possible sale.
EastDil Secured is believed to advising on the sale.
The properties are expected to be sold as one lot and will ultimately be redeveloped for a mix of apartments, a hotel and retail.
When Dalata agreed to take an option in the hotels last August, it valued the properties at close to €100m, but with the increase in property values since then, that price would be comfortably beaten by any sale.
Analysts estimate the hotels - now operating as the Clyde Court Hotel and Ballsbridge Hotel - would sell for at least €120m, and could fetch up to €150m.
Unlike the sale of other hotels in recent months such as the Westin in central Dublin and the Intercontinental Hotel in Ballsbridge, the two hotels would be attractive for their redevelopment value as much as a going concern.
There is existing planning permission for more than 550 apartments across 11 blocks and a 150 bedroom hotel. That planning will expire in 2021.
The Ballsbridge area was ground zero for the boom a decade ago, and has been one of the standout areas for the recovery as well.
Apart from the Sean Dunne deal, the area was also known for Ray Grehan's purchase of the former UCD veterinary college in 2005 for €171.5m.
That site was part by the Comer brothers in 2013 for a little over €20m, although development has been slow.