Sale of Shelbourne Hotel this year netted Kennedy Wilson a huge profit but questions are being asked about how the new owners can make a return on their investmentShareholders in Kennedy Wilson must have been delighted to learn last week that the California-based real estate company had made a $99 million profit on its decade-long investment in the five-star Shelbourne Hotel in Dublin.
Kennedy Wilson seems to have timed the sale to Archer Hotel Capital perfectly, given the stock market filing last week showing that the Shelbourne’s revenues declined by 12 per cent in the first quarter of this year due to a softness in occupancy, and reduced food and beverage sales. In a recent interview with the Sunday Times, Singapore businessman Stanley Quek, who owns a number of Irish hospitality assets, including the five-star Castlemartyr hotel in Cork, expressed surprise at the price achieved for the Shelbourne. “I don’t know how you are going to make money from that,” he said.
Shelbourne-Hotel Kennedy-Wilson
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