Real estate investment company Kennedy Wilson is planning to sell Shelbourne Hotel in Dublin, Ireland, for €260m ($282.77m), reported The Sunday Times.
The publication states that Kennedy Wilson has hired commercial agent Eastdil Secured to find potential buyers for a 50% stake in the hotel, which is valued at €130m.
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However, the company is also open to the possibility of selling the entire property, sources told the publication.
The company is expected to make a profit out of this deal. It originally purchased the five-star property in 2014 for $152m during a distressed sale.
Founded in 1824, Shelbourne Hotel has 265 rooms, including 19 suites.
It also features two bars, a restaurant, 12 meeting rooms, and a health club featuring a spa and swimming pool.
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By GlobalDataCurrently, Shelbourne Hotel is noted to be the only operating hotel fully owned by Kennedy Wilson.
The company also shares ownership of Kona Village, a five-star hotel in Hawaii, which opened in July.
In 2016, the company completed a refurbishment of Shelbourne Hotel’s exterior, while the company’s value-added asset management programme included interior renovations.
In 2018, several revenue-generating food and beverage offerings, all meeting rooms, and the main ballroom were revamped.
Following a $40m refurbishment, Shelbourne Hotel became part of Marriott International’s Autograph Collection Hotels in 2019.
Marriott International has more than 30 brands and about 8,700 properties spread across 139 countries.
Last month, Marriott International signed an agreement to open Patmos Aktis, a Luxury Collection Resort & Spa in Greece’s Dodecanese Islands, following its renovation.
The resort is scheduled to open between July and August of next year in partnership with the property’s owners, Investment Fund SMERemediumCap.
