German asset manager DekaBank has emerged as the preferred bidder for the Double Tree by Hilton Hotel in Dublin 4, the landmark hotel formerly known as The Burlington, reports The Irish Times.
Yesterday, Irish hotel group Dalata revealed that, in collaboration with another unnamed party, it has entered exclusive discussions to acquire operating interests in, and to commit, a leasehold interest in the Blackstone Group-owned hotel.
Although Dalata, Blackstone and DakaBank have declined to comment on the sale thus far, it is expected that latter has been successful in getting its deal over the line for the hotel.
Blackstone bought the hotel in 2012 for €67 million, before rebranding it as the DoubleTree by Hilton in 2013, and now looks set to triple its original investment with the sale.
Blackstone has spent in the region of €20 million refurbishing hotel since taking over the property four years ago.