Receiver Paul McCann of accountancy firm Grant Thonton is selling The Burlington Hotel through CBRE with a price tag of between €65m and €75m.
Paul Collins of CBRE told the Irish Independentthat international buyers were most likely to lead the charge for the four-star property, which is situated on 3.8 acres. Potential buyers from UK, the US and the Middle East are expected to be interested.
He said it was likely to be late October or November before bids were formally received and that the hotel could change hands before Christmas. He said he’d be surprised if an international hotel brand wasn’t among the ultimate operators.
The landmark hotel opened it’s doors in 1972 and has been locally christened the ‘Burlo’, is Dublin’s largest hotel. When the hotel was bought by Mr Bernard McNamara from the Jurys Doyle group it was one of the country’s most expensive property purchases. CBRE Also handled that sale.
The hotel closed in January 2008, but was reopened shortly afterwards.
It generates between €5m and €6m a year in earnings before taxes and associated charges.
The receiver was appointed to the Burlington Hotel in early 2012 by Lloyds, the now owners of Bank of Scotland. It has also appointed receivers to other properties bought by Mr McNamara, who owes Bank of Scotland about €200m.