London-based private equity firm Zetland Capital has acquired The Morrison Hotel in Dublin with the help of CBRE Group.
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 145-room hotel is strategically located in Dublin city centre, in close proximity to the River Liffey, which runs east-west through the capital. In addition, it is operated by the Doubletree by Hilton brand and has access to the Hilton Honors loyalty program, thus enjoying excellent visibility.
The property provides a restaurant, Morrison Grill, and a bar called Quay 14. Furthermore, plans are underway for a refurbishment to modernise the hotel.
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.