Lalco Hotel and Hospitality Group, a US and Ireland-based investor, has purchased three hotels in Dublin for a total consideration of €150 mln.
CBRE Hotels & Capnua Corporate Finance acted as joint advisors on the deal, on behalf of Fitzpatrick Lifestyle Hotels and Patron Capital. The three hotels include The Spencer, The Morgan and The Beacon hotel.
'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,' commented Paul Collins, head of Hotels Ireland at CBRE. 'We achieved premium pricing on the deal reflecting the three outstanding assets which are located in prime locations.'
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, while the Beacon includes 88 bedrooms and is in Sandyford, South Dublin.
The Lalco Hotel Group also owns the Westin, Trinity City Hotel, Hilton Dublin Charlemont and the Intercontinental Hotel in Dublin, along with a Limerick hotel.
The three hotels will continue to trade under their current brands.
