The Dawson hotel in Dublin has been sold to property investment company Tetrarch, owners of the Powerscourt hotel in Enniskerry.
RTE reports that the hotel has gone for a price in the region of €17.5 million and is expected to close by the end of August, subject to approval by the Competition Authority.
Chief executive of Tetrarch Michael McElligot pledged to make "a substantial investment in the redevelopment and expansion" in the hotel. Tetrarch currently owns seven other hotels including Powerscourt, the Marker hotel in Dublin and Mount Juliet resort in Co. Kilkenny.
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Located on Dawson Street across from the Mansion House, the site is in one of the city's busiest tourism, business and entertainment areas, sitting near a number of major tourist sites as well as transport links.
The sale includes the 36 bedrooms in the hotel, the Dawson Spa, the popular late-night spot Sams Bar and the Dawson Brasserie.