Swiss group Midwest Holding and a small number of investors who purchased Co. Wicklow's Powerscourt hotel for approximately €10 million during the recession look set to make a profit of €40 million on the property in a proposed deal with Tetrarch Capital.
According to The Sunday Times, the Powerscourt Hotel is one of four "seed" properties in line to be purchased by Tetrarch if it floats as planned later this year, with Tetrarch expected to pay in the region of €50 million to €55 million for the venue.
The other three seed properties in line to be purchased by Tetrarch are Dublin's Citywest hotel, Co. Kilkenny's Mount Juliet estate and the Killashee hotel of Co. Kildare. Tetrarch notified the Competition and Consumer Protection Commission last week of its plan to acquire the seed portfolio of hotels.
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© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.