North Dublin Hotels Brought To Market As Sector Could Hit €1B Record
Two hotels on Dublin’s north side owned by the Ryan family have been put up for sale with a combined price tag of about €70M, according to The Irish Times.
The hotels are the latest in a series of high-profile properties in Ireland to be offered to the market since the beginning of the year, with adviser CBRE forecasting that total hotel deals could reach a record €1B in 2024.
The Grand Hotel in Malahide was reportedly placed on the market with a guide price of €60M, while the Marine Hotel in Sutton has been valued at circa €10M, with the sale process for both still in the early stages.
The Ryan family has long owned both hotels, but the family is reportedly retiring from the hospitality industry.
The 203-bedroom Grand first opened in 1835 as the Malahide Hotel and was renamed the Grand in the early 1900s. Matt Ryan took over the four-star establishment in 1974, and it has remained in the family since. It now includes a conference centre, which opened in 1982. The eight-bedroom Marine first opened in 1897 and was acquired by the Ryan family in 1989.
In the year to 31 May, a total of €600M worth of Irish hotels had been transacted, according to research from CBRE, which said the level of spend in the sector had already exceeded the total amount invested in 2023. Considering ongoing sales processes, including for off-market properties, CBRE estimated total volumes in 2024 could surpass €1B.
Among the major transactions, British property group Lifestyle Hospitality Capital and New York-headquartered investment giant Elliott Investment Management recently closed a deal for the Dean Hotel Group that valued the combined assets at about €355M after LHC and Elliott took a stake of more than 70% in the portfolio.
Archer Capital bought the Shelbourne Hotel for nearly €250M earlier this year, while The Wellington sold for €14M and Molesworth Court for €6M. The Morrison Hotel is available, the Mount Juliet resort in County Kilkenny is looking for a buyer at circa €45M, and the Slieve Russell in County Cavan is available for about €35M.
