John Malone Partnership Snaps Up Fitzpatrick Lifestyle Hotels in €150m Deal
Three Dublin hotels - the Spencer Hotel in the IFSC, the Beacon Hotel in Sandyford and the Morgan Hotel in Temple Bar - have been acquired by a partnership headed media and hotel billionaire John Malone in a multi-million euro deal.
Malone, who owns TV3 and is chairman of Liberty Media, is believed to have paid in excess of €150 million for a portfolio of the three hotels, alongside fellow members of the John Malone Partnership (JMP), Paul Higgins and developer John Lally’s Lalco, reports the Irish Independent.
The four-star hotels had been under the management of Fitzpatrick Lifestyle Hotels.
The Spencer Hotel comprises 165 bedrooms, lounge, bar, restaurant and leisure facilities. The Beacon Hotel, in the busy Sandyford area, features a Thai restaurant, bar and 24-hour gym. The Morgan is situated in Dublin's busiest tourist area of Temple Bar.
JMP already owns the five-star Westin Hotel on Dublin’s Westmoreland Street, the five-star Intercontinental (formerly the Four Seasons) in Ballsbridge, the Trinity City Hotel, the Hilton Dublin and the Limerick Strand. The partnership also manages the Lalco Hotels Galway Harbour, Glenlo Abbey Hotel and the Barnacles Hostels.
"We took a strategic decision some time ago to review the next phase for these assets, and are delighted today to be handing over the keys of a great business, with a fantastic team of people to a well-established, local and proven operator," said Paul Fitzpatrick, CEO of Fitzpatrick Lifestyle Hotels.
"We wish the new owners the very best in this regard and trust that they will take these fine hotels on to continued and future success in what is a strong and improving market."