Less than three years after it was sold for €65 million, Dublin’s luxury Morrison Hotel could be close to changing hands once again for more than €100 million.
The Irish Times understands the Morrison’s owners, Zetland Capital, have just instructed agent CBRE to quietly gauge the interest of investors in acquiring the five-star property. CBRE declined to comment on the matter when contacted by The Irish Times
Should a sale proceed at the €100 million price tag being mooted by market sources, Zetland would stand to secure a significant return on its original €65 million investment.
The London-based private-equity firm purchased the Morrison, for its part, in May 2021 for some €15 million less than the €80 million its long-standing owner, Russian billionaire Yelena Baturina, had been seeking when she put the hotel up for sale in March 2020.
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While that timing proved to be unfortunate for Russia’s richest woman, coinciding as it did with the onset of the Covid-19 pandemic, the Morrison still proved to be a lucrative investment for her.
Ms Baturina had acquired the boutique hotel from Nama for just €22 million in 2012. She 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.
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Designed originally by Douglas Wallace Architects, the 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 bespoke Curio Collection brand.
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