CBRE Hotels & Capnua Corporate Finance Advise On Ssle Of Three Hotels In Dublin For €150 Million
London, 28 November 2016 – CBRE Hotels & Capnua Corporate Finance, on behalf of Fitzpatrick Lifestyle Hotels and Patron Capital, has completed on the sale of three lifestyle hotels in Dublin for €150 million to Lalco Hotel and Hospitality Group, US and Irish based investors.
The three hotels include, The Spencer, The Morgan and The Beacon hotel. The Spencer comprises 169 bedrooms and is in the capital’s International Financial Services Centre. The Morgan is located in Temple Bar, Dublin’s cultural quarter, and is renowned as one of Dublin’s best boutique hotels and the Beacon includes 88 bedrooms and is in Sandyford, South Dublin.
The three lifestyle hotels will complement the collection of high quality five and four star hotels already owned by the Lalco Hotel Group who also own the Westin, Trinity City Hotel, Hilton Dublin Charlemont and the Intercontinental Hotel in Dublin, along with a Limerick hotel.
Paul Collins, Head of Hotels Ireland at CBRE said: “CBRE Hotels and Capnua are delighted to have completed on the sale of these three prestigious Dublin four star hotels. This transaction demonstrates that Dublin is a highly sought after market for international investors who have been attracted by the spectacular trading performance that the city has delivered in recent years with further RevPar growth potential. We achieved premium pricing on the deal reflecting the three outstanding assets which are located in prime locations.”
The three hotels will continue to trade under their current brands.
CBRE Hotels and Capnua Corporate Finance acted as joint advisers on the transaction.