Hyatt Hotels Corporation has, according to the Irish Times, emerged as the company most likely to acquire the almost-completed five star Grand Canal Square Hotel in the south docklands area of Dublin. Peter Norman of Hyatt Hotel Corporation is quoted as saying that the hotel was one of a number of possibilities that the group was currently looking at in Dublin. However, talks had not yet advanced to a stage which would allow the group to announce that they had concluded a deal to acquire one of the newest hotels in Dublin. Should Hyatt eventually emerge as the new owner of the hotel it could represent a welcome lift to the hotel and tourism sector at a time when there is a surplus of hotels not only in Dublin but in many other parts of Ireland as well.
The 169-bedroom hotel, which is located beside the Grand Canal Theatre, was almost brought to completion over two years ago but the company behind the development, Birchford Investments, is reported to have notched up losses of some €18 million in 2009 and had difficulty raising further finance to finish the project. The hotel is expected to sell for somewhere between €20 and €25 million, although fitting the hotel out could add somewhere between €8 and €10 million on top of that. The Irish Times states that some reports suggested that Hyatt had indeed been the highest bidder in a private tendering process conducted by KPMG and that about half a dozen hotel groups were reported to have submitted formal offers for the Dublin hotel.
Apart from the 169 bedrooms, of which 21 are suites, the lay-out provides for a restaurant, a bar, a ballroom, conference facilities and a spa with indoor swimming pool. It is known that Hyatt has been looking for a suitable hotel in Dublin for some time and the Grand Canal Square may just fit the bill.