Will Conrad be latest hotel to check out of Park portfolio?
ONE of my favourite treats in the capital is preconcert drinks in the five-star Conrad Hotel on Earlsfort Terrace.
The salubrious boulevard in Dublin 2 is home to the National Concert Hall and magic circle law firm Arthur Cox which, when faced with the prospect of an office move, shuffled down the street to a new bespoke building rather than leave their beloved terrace.
Imbibing a cocktail or two before a screening of Jaws (with a live orchestra) this week, I couldn’t help thinking of what might become of the Conrad, what with its new multi-million-euro upgrade and interesting moves overseas by its co-owner, Hilton Worldwide, part of the Park Hotels & Resorts Group.
Earlier this year, an affiliate of Starwood Capital Group’s Starwood Global Opportunity Fund XI acquired a portfolio of seven Hilton hotels with more than 1,300 guestrooms across the UK from Park for £135m.
The acquisition included the 198-room Hilton Belfast. Last May Park sold the 601-room Hilton Berlin in Germany for some $350m.
As a result of its goodbye to Berlin, Park reduced its ownership interest in hotels outside the US to a mere four hotels, including Dublin. Could the Conrad be next? There are rumblings afoot on the property scene, with unconfirmed reports of sensitive early stage negotiations.
Any such sale would align with Park’s strategy of reducing its non-core assets and its presence in international markets.
Let’s hope it keeps the locals happy too.