The Sunday Times has reported that the owners of the Shelbourne Hotel are considering the sale of the iconic establishment for €260 million.
According to the report, Kennedy Wilson has appointed the commercial agent Eastdil Secured to ‘sound out buyers’ for a 50% share in the hotel, valued at €130 million.
Kennedy Wilson will also consider selling the entire property, according to sources in the Sunday Times article.
Cultural Landmark
For nearly 200 years, the Shelbourne has been a cultural landmark, with a rich and glamorous history.
The five-star hotel has welcomed presidents, royalty, famous artists, writers, and Hollywood film stars.
Complex Transaction
In 2014, Kennedy Wilson acquired the debt secured by the Shelbourne Hotel for $152 million (€139.6 million) in a complex transaction, involving multiple sellers.
The Shelbourne Hotel is located in Dublin’s prime central business district, on St Stephen’s Green, and features 265 rooms, including 19 suites.
Additionally, it features 12 meeting rooms, two bars, a restaurant, and a health club that includes a newly renovated spa and swimming pool.
Refurbishment
In 2016, Kennedy Wilson completed a refurbishment of the exterior facade, which later won the Irish Georgian Society’s top award.
Kennedy Wilson’s value-added asset management programme also included an extensive interior renovation of all suites, deluxe park view rooms, corridors, and the historic staircase, as well as a redesign and refurbishment of the reception and lobby.
Autograph Collection Hotels
In 2018, the team refurbished several revenue-generating food and beverage offerings, all the meeting rooms, and the main ballroom.
In 2019, following the completion of its $40 million (€36.7 million) refurbishment programme, the Shelbourne became a member of Marriott International’s Autograph Collection Hotels, a portfolio of more than 170 independent hotels around the world.
Since acquiring the Shelbourne, Kennedy Wilson claims that its value-added initiatives have resulted in the annualised net operating income for the property more than doubling, to approximately $15 million (€13.7 million).
