Hastings ‘set to sell 50% share in Merrion Hotel’

Hastings ‘set to sell 50% share in Merrion Hotel’

The Hastings Hotel Group is looking to sell its 50% share in Dublin’s five-star Merrion Hotel, it has been reported.

Sources suggested the sale would be worth around €1m per room, or €70m in total to Hastings, who effectively own half of the 141 rooms.

While Hastings currently holds a 50% share in the Merrion, businessmen Lochlann Quinn and Martin Naughton together own the other 50% of the company.

The Irish Independent reported a number of parties had already been sounded out about potential interest in acquiring the stake.

When asked about the reports spokespeople for both the Hastings Hotel Group and for the Merrion Hotel made no comment.

Hastings’ other hotels include Belfast’s Europa, which this year is celebrating its 50th anniversary, the Grand Central and the Culloden Estate and Spa.

October Hasting sold the iconic Slieve Donard Resort and Spa to US firm AJ Capital Partners for £40m. The Nashville based company already owns several luxury hotels next to some of Scotland’s best golf courses and it though the Slieve Donard’s proximity to Royal Country Down was the main driver for the purchase.

Last month Hastings also announced a major management reshuffle, with long-time Europa general manager James McGinn succeeding Howard Hastings as managing director after he became chairman following the retirement of Edward Carson from the role.

The Merrion Hotel, one of the finest hotels in Dublin, saw its revenues fall from €26.6m to €17.5m in 2020 dur to Covid-19, but the business is hoping the further easing of restrictions will see return to more normal trade ion 2022.