Four Seasons Hotel expected to be sold by end of year

A BUYER for Dublin’s Four Seasons Hotel is expected to be found before the end of the year, according to the Irish office of international real estate specialists CB Richard Ellis which is in charge of the sale process.

The company said yesterday that it has received “an encouraging level of enquiries” in recent weeks – mainly from overseas investors. The hotel’s owners – the Nollaig Partnership of investors – announced, in September, that it was putting the upmarket Ballsbridge property on the market after posting €2 million in losses for its latest financial year. The owners also owe €50m to Anglo Irish Bank, although it isn’t expected the eventual sale figure will cover this debt by itself.

Meanwhile, according to CBRE’s latest market update, activity in the Irish commercial property sector is on course to beat full-year expectations – with €170m being invested during the first nine months of the year – but the outlook remains unclear.

CBRE said that the €170m figure has the potential to quadruple if a number of large deals – which are currently being negotiated – are signed before the end of the year.

“There is a surprising amount of activity going on in the retail sector, although much of this is driven by the attractive deals – and more competitive terms and conditions – on offer.”