Riu buys Dublin's Gresham Hotel for €92 million

Riu buys Dublin's Gresham Hotel for €92 million

Spanish group Riu Hotels & Resorts last night disclosed the completion over a takeover of the renowned Gresham Hotel in Dublin for €92 million.

The property on the city’s central O’Connell Street is approaching its 200th anniversary and was renovated in 2013.

As a result, it will need only a few “minor adjustments” for the facilities to represent the Riu brand and standards, the company said.

The 323-room hotel will be known as the Riu Plaza The Gresham Dublin, becoming the group’s second city hotel in Europe after the Riu Plaza Berlin opened a year ago.

The company’s line of urban properties also includes hotels in Panama, Guadalajara, Miami and New York.

Chief executive Luis Rio said:

"Dublin is now one of the most interesting cities for investment.

“Its tourism industry is booming, demand for rooms rising and the city is putting a lot of money into its infrastructure.

“We are extremely pleased with the purchase of this hotel in one of the most beautiful European capitals.

“We are sure that it will be the perfect addition to our collection of Riu Plaza hotels and many returning RIU clients will be drawn to discovering this destination with us.”

As well as being an attractive building, it was also renovated in 2013.

Foreign visitors to Ireland in the first six months of the year rose by 13% year-on-year to 4.4 million.

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