Irish chain Gresham Hotels has finally succumbed to the consortium of hoteliers and a property developer that has been wooing it for a number of months.
Precinct Investments, which consists of three Irish hoteliers and property developers, last Friday increased its bid for the company to €1.40 (94p) per share, up from €1.30 (87p), so valuing Gresham at €117m (£78m).
The increased offer, which was recommended by Gresham's management, has meant that shareholders, critically the largest shareholder Israeli chain Red Sea Hotels, which had been holding out against the consortium, have now accepted the deal.
Precinct was set up by David Coleman and John Joseph Murphy (who own up to five hotels in Ireland and South Africa through the Limestone Partnership) and property developer Bryan Cullen.
Gresham Hotels currently operates seven hotels, including three in Ireland and properties in London, Amsterdam, Brussels and Hamburg.
by Nic Paton