The Shelbourne Hotel on Dublin's St. Stephen's Green has been acquired by US property investment group, Kennedy Wilson, according to a report in The Irish Times.
The group is investing millions of euro in the hotel, which will include renovation of the hotel's facade as a priority. The hotel's 19 suites and public areas will also be refurbished. The 246 bedrooms are already in the process of being upgraded and should completed by the end of the year.
The investors are also planning to add a hair and beauty salon to complement the spa facilities and are considering whether to offer a fourth sitting each day to the popular afternoon tea.
According to the paper, the receivership has no impact on the operation of the hotel, with staff, creditors and the Revenue Commissioners all being paid by the new owners. Marriott International will continue to manage the hotel.
The hotel is still successful; revenues rose by 12 per cent to €29 million in 2013 and operating profit was €6.3 million, an increase of 40 per cent.