The Morrison is put on market with a €25m tag
Published 07/09/2011 | 05:00
The Morrison Hotel in Dublin City centre is being offered for sale by the receivers at FGS with a €25m guide price.
Key factors behind the strong price include the hotel's profitability as well as its city-centre location and status as a four-star freehold premises.
Developed by publican Hugh O'Regan in 1999, it comes with 141 bedrooms and suites styled by John Rocha. Accommodation also includes 400sqm of conference, meeting and banqueting space; The Café Bar, the Morrison Bar and Halo Restaurant, a fitness centre, art gallery, courtyard garden and a basement which has potential for use as a day spa, or meeting rooms.
Located on the north Liffey quays, it faces Temple Bar and is only a short distance from the Jervis Centre and Henry Street. The agents CB Richard Ellis report a recovery in the Dublin hotel business this year with bedroom occupancy in positive territory for 15 straight months and revenue per available room growing for the last 11 months.
The same agents are also seeking a buyer for the Killerig Hotel, next to the golf club of the same name in Co Carlow.
A 42-bedroom four-star hotel, it commenced trading in 2007 but is currently in receivership.
The receiver Aiden Murphy, Horwath Bastow Charleton has hired Westpro to continue to manage the hotel. While not indicating an asking price, it is believed that the hotel could fetch €2.5m.
The hotel has a healthy conference, wedding and banqueting business and its leisure centre includes a 16m pool, Jacuzzi and a steam room. It is located on the Tullow to Castledermot Road, 5km from Carlow town. The hotel overlooks Killerig Golf Course, which is a separate business owned and operated by the Dillon family.
Meanwhile CBRE has also announced that The Pier House, East Pier, Howth, Co Dublin, a former licensed premises and restaurant, is again for sale with a guide price in the region of €1m.