Following reports in June that Dublin's Gibson Hotel was to be put on the market for a estimated price of €80 million, it's now been announced that the docklands venue is being sold as a long-term investment at a cost in excess of €87 million.
According to The Irish Times, the sale of the 252-bedroom, four-star hotel will be handled by Fergus O'Farrell and Tom Barrett of Savills, with oversight by receivers Paul McCann and Stephen Tennant of Grant Thornton.
The Gibson Hotel is currently let to Dalata subsidiary Galsay Limited on a lease that expires in 2035. Its current rental rate of €4.65 million is subject to upwards-only reviews every five years.
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