German fund manager Deka Immobilien has conditionally agreed to acquire the former Burlington Hotel in the centre of Dublin for around €180 mln.
The sellers are Sussex Road Nominees and BNY Mellon Trust Company. The transaction is subject to approval by the Irish Competition and Consumer Protection Commission.
Formerly known as The Burlington Hotel, the property was built in 1972 and is currently operated by Hilton under its DoubleTree brand. Irish operator Dalata Hotel Group will enter into a long-term lease and operate the property as a four star hotel under its Clayton brand in the future.
The asset was extensively renovated in 2014 and is one of Ireland’s largest hotels with 502 rooms, a conference area and 168 parking spaces.
Once the transaction has been finalised, the hotel will be added to the portfolio of open-ended real estate fund Deka-ImmobilienGlobal, marking its entry into the Irish market.
