US billionaire snaps up landmark Limerick hotel
Published on Nov 21 2014 8:45 AM in Hotel
The Limerick Strand Hotel has been bought by one of the world's best-known investors for a figure in excess of €20 million.
John Malone, the owner of UPC Ireland's parent company Liberty Global and largest landowner in the US, already owns three hotels in Dublin - the Hilton Hotel, Trinity City Hotel and the Westin Hotel - as well as Humewood Castle estate in Wicklow.
This latest four star edition to his stable was built from new in 2007 is an award-winning hotel and is highly regarded as an excellent base for all of Limerick's major sporting events.
The Malone group will work with Lalco, the group already running the hotel and Strand manager, Sean Lally, says it is a "serious stamp of approval from the Malone group for The Strand and the city that they have chosen Limerick as their first hotel investment outside of Dublin".
Lally confirmed that all 180 jobs at the hotel are safe.
“We will be continuing our programme of investment and we have been having a good year. This Christmas looks set to the best at the hotel so far. People are booking earlier, and spending”.
Malone's latest acquisition was built in 2007, has 184 bedrooms as well as dining and leisure facilities.
CBRE and Savills confirmed the sale and said that while an exact price had not been confirmed, it was understood to be in excess of €20m.