InterContinental Hotel Bought by US Consortium
Published on Mar 19 2015 10:33 AM in Hotel
The InterContinental Dublin in Ballsbridge, Dublin has been snapped up by a group backed by US billionaire John Malone for an undisclosed fee.
The hotel operated as the Four Seasons from when it opened in 2001 until it reached a franchise agreement with the InterContinental Hotel Group early this year.
The property has been on the market for an estimated €50 million, believed to be the price paid by the consortium, comprised of developers Malone and Paul Higgins, as well as hospitality group Lalco.
The hotel was put on the market by London & Regional Property, who acquired the asset four years ago for €15 million. It was rebranded in January 2015 as the five-star InterContinental Dublin.
Liberty Global chair and telecommunications magnate Malone has previously been active in the Irish hotel market, purchasing five marquee properties, including The Westin, bought last year for €65 million.
The new owners are expected to invest €5 million in the property. The deal should be completed within the next month, subject to approval by the Competition and Consumer Protection Commission.