Dublin hotel for sale at 75% less than it was bought for 5 years ago

The Dublin Burlington hotel is up for sale at only about a quarter of the 2007 price that it was originally purchased for. The hotel was first bought during the property boom for a whopping €228m but is now for sale at the much lower €75m asking price. The hotel is expected to be officially sold by the time the holidays roll around.

The Dublin Burlington is a four star hotel and one of the largest city centre hotels in Europe. In 2007 it was purchased by a Jurys Doyle hotel group backed consortium backed by Bernard McNamara for one of the largest price tags in Dublin history. However, McNamara is one of the largest victims of the property cash with debts under his name that total up to €1.5bn.

The hotel contains full banqueting and conferencing facilities as well as 501 bedrooms that are spread out across a 3.8 acre site in the southern region of Dublin. It is the largest hotel in Ireland following the Co Dublin Citywest hotel. In Dublin the Burlington is simply called the ‘Burlo’ and has been in receivership since February. It has still been able to trade on the market as usual however.

CBRE Hotels is in charge of handling the sale for Paul McCann of Grant Thornton who was made the receiver by the Ireland Bank of Scotland. McNamara owes the bank about €200m in back fees on the hotel.

It is expected that there will be a large amount of interest in the hotel including international chains Hyatt, Sheraton, Crowne Plaza, Marriott, and the Hilton. The hotel opened originally in 1972 and then closed briefly during January of 2008 but has remained open and will stay open when it changes hands and ownership.