Temple Bar Hotel Sold to US Firm
Published on Mar 3 2015 12:50 PM in Hotel
The Temple Bar Hotel has been sold to US property firm Pyramid Group for a deal said to be in the region of €30 million.
The Boston-based company has teamed up with Irish firm Windward Management to purchase the hotel, which was offered by FBD for €27 million. Windward will look after the day to day running of the site, the Irish Independent reports.
The three-star, 132 room hotel is located in Dublin's tourist epicentre and is described as "highly profitable". CBRE acted as agents of the sale, and the deal is said to have gone over its asking price of €27 million.
As well as the hotel, the site also includes Busker's Bar & Cafe and Alchemy Night Club.
Pyramid Group become the latest US firm to enter the Irish market with the sale, and had previously bid on at least one other hotel in Ireland in recent months.
The privately owned firm controls a 57 hotels and resorts in the US including the Ritz Carlton in Los Angeles as well as the Westin Las Vegas Hotel, Casino and Spa.