Gib­son Ho­tel takeover to be in­ves­ti­gated

The Irish Times - Business - - BUSINESS NEWS - BARRY O’HAL­LO­RAN

Com­pe­ti­tion reg­u­la­tors will scru­ti­nise Ger­man group Dek­a­bank’s takeover of the Gib­son Ho­tel, once part of de­vel­oper Harry Cros­bie’s Dublin dock­lands prop­erty em­pire.

Deka re­cently emerged as the likely buyer of the ho­tel, which was put up for sale with an €87 mil­lion price tag by re­ceivers Paul McCann and Stephen Ten­nant of Grant Thorn­ton.

The Com­pe­ti­tion and Con­sumer Pro­tec­tion Com­mis­sion (CCPC) con­firmed yes­ter­day that the par­ties had no­ti­fied it of the deal, paving the way for the reg­u­la­tor to in­ves­ti­gate the sale be­fore de­cid­ing whether or not to ap­prove it.

Deka is buy­ing a long lease on the the 252-room prop­erty, which is cur­rently let to a sub­sidiary of the listed Dalata ho­tel group. The scale of the busi­ness means the com­mis­sion must ap­prove the sale be­fore it can go ahead.

The CCPC will carry out a phase-one in­ves­ti­ga­tion of the sale, which can take up to 30 work­ing days, be­fore de­cid­ing whether to ap­prove the deal or move to a more de­tailed phase-two in­quiry.

Ac­cord­ing to a sales brochure for the Gib­son, the ex­pected rent for 2017 is €4.65 mil­lion. This com­prises an an­nual base rent of €2.93 mil­lion, plus the vari­able rent, linked to turnover, fore­cast to be €1.72 mil­lion this year.

Built by Mr Cros­bie and de­signed by ar­chi­tects Scott Tal­lon Walker, the Gib­son opened in 2010. The Na­tional As­set Man­age­ment Agency ap­pointed Mr McCann and Mr Ten­nant as re­ceivers in 2013.

The Gib­son Ho­tel was put up for sale with an €87 mil­lion price tag by re­ceivers Paul McCann and Stephen Ten­nant of Grant Thorn­ton

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