Ireland: London based private equity firm Zetland Capital has agreed to acquire Dublin’s Morrison Hotel.
The 145-room hotel, located fronting the River Liffey, has been purchased by Zetland Capital with the help of CBRE. Plans are underway to modernise the property.
The sale price was undisclosed, however the deal was reportedly worth €65 million according to the Irish Times.
The property has a restaurant, Morrison Grill, and a bar, Quay 14.
Patrick Joyce, general manager of the Morrison adds: “We are excited to work with the Zetland team and their partners. Their confidence and trust in our existing management team is clear, their desire to invest in the hotel is welcome and we are glad that they support our ambitions for the Morrison. We look forward to re-opening our doors to our loyal customers on 2 June 2021.”
Ahmed Hamdani, chief investment officer at Zetland Capital said: “We have a very active pipeline of leisure and hospitality opportunities across Europe. We understand the importance of the tourism sector to the Irish economy and are delighted to support Patrick and his team. Our investment and collaboration come at an important time and will ensure the hotel can offer an even stronger proposition moving forward.”
Dave Murray of the selling agents CBRE Hotels said: “The Morrison is one of Dublin’s most iconic and well established upper upscale hotels. This transaction demonstrates the confidence from the international investment community in the strong fundamentals of the Dublin city centre hotel market over the long-term.”
The Morrison is a Doubletree by Hilton hotel and offers guests access to the Hilton Honors programme.
CBRE Group is a real estate and investment firm with headquarters in Dallas. The group has more than 100,000 employees serving clients in more than 100 countries.