The Gresham - Iconic Dublin City Centre 4 Star Unbranded Hotel For Sale
Dublin, 24th February 2016 – Christie & Co and CBRE Hotels are delighted to confirm that they have been instructed to offer one of Dublin’s most prestigious and historic hotels, the Gresham, for sale by Private Treaty with a guide price in excess of €80m.
Located in the heart of Dublin city centre, the sale of the Gresham represents a rare opportunity to hotel investors. The Gresham is being offered unencumbered giving the purchaser the choice to continue trading ‘as is’ under its existing strong identity or to immediately convert to any of the most recognisable and successful global hotel brands.
The Gresham is an internationally renowned full service hotel centrally located on O’Connell Street, Dublin city’s primary thoroughfare. The hotel is close to Convention Centre Dublin, the IFSC, 3Arena, the Aviva Stadium, Trinity College, Grafton Street, Croke Park, and Temple Bar along with the city’s most popular tourist attractions and prime retail high streets. This landmark hotel has been synonymous with the social, commercial and tourist life of the city for nearly 200 years having originally opened in 1817. It sits on an extensive 1.32 acre (0.53 HA) site fronting onto O’Connell Street, Cathal Brugha Street and Marlborough Street and the hotel itself extends to over 223,620 sq ft (20,775 m2).
The Gresham boasts 323 classical and contemporary guest rooms, including 10 individually designed suites including the Eisenhower Suite - one of the largest in Europe, which offers 5 bedrooms and extends to approximately 280m2.
Dublin is a thriving European capital city and its hotel market enjoyed the highest growth in Europe for two consecutive years with RevPAR growth in 2015 well in excess of 20% (Source: STR Global). Furthermore, prospects for continued robust performance are strong as the Irish economy is the fastest growing in Europe and is forecast to continue growing at more than double the rate of the Eurozone’s next most buoyant economy.
The Gresham was completely remodelled in the late 1920’s in a classical Art Deco style and has been continuously extended and upgraded ever since. The hotel has extensive food and beverage outlets along with 22 meeting, conference and banqueting suites with an overall capacity for 1,350 delegates. In addition the Gresham includes a secure on-site multi-storey car park with a capacity for 134 spaces which is unique in the Dublin city centre hotel market.
The Gresham has benefitted from regular capital re-investment, the most recent being the creation of 23 additional guest rooms and a substantial refurbishment of the ground floor public areas. There is also valuable planning permission in place to increase overall floor area to approximately 345,733 sq ft (32,120 m2), extending the bedroom stock to 468 and significantly enlarging and enhancing the capacity of conference and banqueting accommodation as well as back of house facilities.
This unique opportunity to acquire Dublin’s Gresham Hotel is likely to attract worldwide interest from a variety of investor categories including domestic and international property investors, high-net-worth individuals, hotel funds, private equity companies and other relevant investors and operators.
Dave Murray, Director at Christie & Co commented; “The Gresham is one of Dublin’s longest established, most popular and historically significant hotels dating back almost 200 years. The hotel is renowned for hosting some of the great figures of the 20th Century from the world of politics, commerce and Hollywood including US President Dwight D Eisenhower, Elizabeth Taylor and the Beatles to name but a few. The purchaser of the Gresham will have the opportunity to carry on the strong tradition of this renowned hotel during a period of growth and regeneration which on completion will set O’Connell Street apart as one of Europe’s most pre-eminent boulevards.”
Further information on the sale is available on www.projectgresham.com.
The Gresham will benefit considerably from the major changes planned for the area around the hotel, many of which are currently underway. These include LUAS Cross City, the redevelopment of Clerys Department Store, 5.3 acre / 2.14 HA Dublin Central site opposite the hotel together with the major investment proposed for the Parnell Street Quarter. The very valuable planning permission, to increase the bedroom and suite count to 468 keys, will take advantage of the planned rejuvenation of this part of Dublin city centre and the Gresham hotel will also benefit greatly from the many 1916 centenary commemorations planned for the city in this most historic year
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.