After being rebranded as the Doubletree by Hilton, the landmark hotel in Dublin 4 is to be renamed as the Clayton Burlington Road after Dalata agreed to acquire the hotel's operating interest.
Dalata agreed to a conditional deal for the 502-bedroom hotel on a 25-year lease from German investment company Deka for a payment of €2.5 million, subject to certain adjustments.
The German group agreed to purchase the property for €180 million when it was put on the market by Blackstone firm. However Deka's deal with Dalata, and the closing of its deal with Blackstone, is still subject to clearance from the Competition and Consumer Protection Commission, with that transaction expected to be completed in November, reports the Irish Times.
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In 2015, Dalata recorded revenues of €29.5 million and full year profit before tax of €2.2 million. The group said that if the deal for the Doubletree Hilton had been in place last year it would have contributed €4.3 million to its operating profits.
The hotel will require no additional work after it had undergone a €16 million refurbishment which saw the installation of a new floor with 18 conference suites and meeting rooms each facilitating up to 100 delegates, all 502-bedrooms being renovated with the addition of 42-inch flat screen TVs as well as its restaurant being overhauled.