A number of corporate finance houses are understood to have expressed surprise that the sale, which is being handled by CB Richard Ellis, is so clearly offering the potential to "slice and dice" the portfolio as a potential property-driven deal rather than as a corporate transaction. The properties are being offered in a lots, with development land on part of the Parknasilla estate even being offered for sale separately.

From last Wednesday, CB Richard Ellis has been accepting formal expressions of interest, in response to which interested parties will get an information memorandum. It is understood that tender documentation will go out within the next fortnight.

Among the key attractions of the Great Southern portfolio is the Great Southern in Galway's Eyre Square, for which CIE is expected to be among the bidders. The hotel fronts a 14-acre railway station, a freight marshalling land and a bus terminus.

CIE last week appointed Murray O'Laoire as masterplanner for its central Galway site. A spokesman said the next step is to look for a developer and that CIE is "still at the planning stage" for the site.

Another of the trophies in the chain is the Dublin Airport hotel. Among the plethora of other candidates considered likely to bid for part of the portfolio are Paddy Kelly and Bernard McNamara, David Courtney and Terry Sweeney.