A four-star Dublin hotel will be the first major property to be put on sale by an assets agency.

The National Assets Management Agency (NAMA) will put the Morrison Hotel on the market with a guide price of €25 million.

The move follows the appointment of receivers to the business and property empire of one of its owners, Hugh O'Regan.

The €25m asking price for the 141-bedroom hotel is exactly half the valuation put on it in 2006 by one of its bankers, Anglo Irish Bank.

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However this is still a strong price for the property; key factors behind this include the hotel's profitability as well as its city-centre location and status as a four-star freehold premises.

It will be sold by private treaty. The hotel overlooks the River Liffey from Merchant’s Quay and was built in 1999 to a design by John Rocca.

Paul Collins of the selling agency describes the hotel as a "trophy asset" with the important advantage of being unbranded, allowing new owners to trade under the existing name or to link up with a top international brand.

The Independent.ie has also reported that the same agents are seeking a buyer for the Killerig Hotel, next to the golf club of the same name in Co Carlow.

Meanwhile it has also been announced that The Pier House, East Pier, Howth, Co Dublin, a former licensed premises and restaurant, is again for sale with a guide price in the region of €1m.

(LB/CD)