Nama preparing to sell iconic Gresham Hotel
Published 20/07/2015 | 02:30
The National Asset Management Agency (Nama) is preparing for a sale of iconic Dublin hotel, The Gresham.
It is understood that a number of sales agents have met with the agency to advise on how to market the hotel and what might be expected. An advisor is due to be officially appointed shortly.
The value of the Gresham on Dublin's O'Connell Street had soared to about €48m as the capital's hotel sector has enjoyed a resurgence in business.
But it is understood that Nama expects to get more than this from a sale, possibly higher than €70m. It is expected that a sale could go through within the coming months, possibly September.
While a sale of the iconic hotel was expected, 'The Sunday Times 'reported yesterday that the State's bad bank had already started the process of seeking tenders for an advisor on the sales process.
'The Irish Independent' reported earlier this year that accounts for the company behind the property, Precinct Investments, showed that it wrote back €9.8m of a €22.7m impairment it recognised in 2011.
The company, whose loans are with Nama, is owned by builder Bryan Cullen. Precinct acknowledged at the time that Nama was likely to put the landmark property up for sale.
Precinct was used to take the Gresham Hotel group private in 2004, in a €117m deal.
Until last year, Precinct owned both the Gresham and Cork's Metropole Hotel, but the Cork property was put up for sale in 2014.
Meanwhile, it was also reported yesterday that the Weston family, owners of Sefridges and Brown Thomas, are seeking competition clearance for the takeover of Arnotts.