Discussions between Irish hotel and property group Tetrarch and US investment firm Starwood Capital over a joint venture worth hundreds of millions of euro have concluded without the companies coming to an agreement.
As reported by The Sunday Times, a deal between the two firms could have supplied Tetrarch with capital for its hotels development projects, but sources have said that the discussions have been terminated.
Tetrarch, which was a minority shareholder in Co. Wicklow's Powerscourt Hotel, planned to purchase 100% of the venue if it received backing from Starwood or another private equity investment group, according to property sources.
However, with no deal on the table between Tetrarch and a backer, Powercourt's other shareholders decided to sell the hotel to MHL.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.