The famous four-star hotel in Dublin has been put on the market for between €65m to €75m, having been bought for €228m at the height of the property boom in 2007.
The 501-room Burlington Hotel, bought by Irish developer Bernard McNamara in 2007 from the Jurys Doyle group in one of the most expensive property transactions in Ireland’s history, has been put on sale by receiver Paul McCann of accountancy firm Grant Thonton, with agent CBRE Hotels is handling the sale. McCann was appointed receiver by Lloyds-owned Bank of Scotland, to which McNamara owes around €200m.It is believed the hotel, the second largest in Ireland after Citywest in Co Dublin and one of Europe's biggest city centre hotels, will most likely go to an international buyer – an investment partner of an international hotel chain such as Sheraton or Hyatt. The hotel has gone on the market for a price of €65-€75 million, that is a quarter than the price it was acquired for in 2007.The hotel has been showing strong performance with EBITDA estimated at between €5m and €6m a year and an occupancy rate of about 72%. McNamara is selling the Burlington as part of his efforts to reduce his debt burden of €1.5 billion.
