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 over €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.
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