IBRC special liquidators KPMG have put Dublin’s Buswells Hotel up for sale at a guide price of €22m.
Located on Molesworth Street, directly across the road from Leinster House, the home of the Oireachtas.
This 67-bedroom hotel is offered for sale free of management agreement and brand and, according to selling agent Savills, “represents a rare opportunity to invest, reposition and extend in a top European capital”.
The hotel has extensive food and beverage and conference and meeting facilities.
Once part of Sean Quinn’s business empire, Buswells fell into the control of KPMG in its role as liquidator of the IBRC, which subsumed Anglo Irish Bank.
In Association with
Savills head of hotels and leisure Tom Barrett said: “Buswells is in the best Dublin location. Prime, but discreet, and at the centre of everything an upscale hotel guest requires.
“Recent STR data for Dublin shows strong trade, with July occupancy of 86% at an average daily rate of €188 and revenue per average room 21% above July 2019. This hotel presents a very rare opportunity to add value to a trophy Dublin hotel.”
He added that there is plenty of scope to develop and add to both the accommodation and other facilities offered by the hotel.
The 2020 accounts filing for the Buswells Hotel operating company notes that it had €4.5m limited-recourse facilities advanced by IBRC. Interest on the loan was charged at three month EURIBOR plus 3%
The company parent Quinn Hospitality Ireland Limited (QHIL) had bank loans of €39m with IBRC in December 2020.
IBRC holds a fixed and floating charge over the assets of QHIL, including the shares in each of its subsidiary companies.
In 2020, €11m of this liability was recognised based on the fair value of the company’s investment in its subsidiary undertakings on the basis that the loan is limited to the amount that can be recovered from the company’s subsidiary undertakings.
The remaining debt amounting to €28m was not recognised in the financial statements of QHIL though remains a legal liability of the company, the accounts filing stated.
