Well there were 2 schools of thoughts doing the rounds at the time
1] Profits / Yields do not matter. Its all about Capital Gains and passing the baton on to the “Greater Fool”.
2] Using projections of 15 EUR pints and 1,000 EUR a night rooms, the sums just about added up.
Of course as it turned out. The Greater Fool was in fact the guy left holding the baton in 2006/07 and a room in the Shelbourne costs less than half the rate of a second rate hotel in Manhattan or Central London / Paris.
Dublin was never in the same league as these cities and never will be, but alot of people thought it would. Irish developers passing Buffet and Bill Gates in terms of wealth was surely only 10 years away