Tetrarch To Take Full Ownership Of Citywest Hotel
Tetrarch Capital is set to buy out the interest of the Citywest Hotel's joint venture partner, Pimco, in order to take full ownership of the Co. Dublin based venue.
As reported by The Irish Times, Tetrarch and Pimco acquired Citywest out of receivership for approximately €30 million in September 2014 and while the financial details of the transaction remain undisclosed, it's thought that Pimco retained a majority share in the hotel.
Tetrarch chief executive Michael McElligott stated, "We have a very strong conviction in the medium- to long-term growth potential of the business across all key departments. Since we bought the business with Pimco in 2014 our joint venture has made very significant investments across all areas of the property. In tandem with the physical improvements throughout the property, the management team and staff at Citywest have worked tirelessly to enhance customer service and the guest experience for all of our visitors. As a consequence we have enjoyed sustained year-on-year improvements in the levels of business at the hotel over the past three years and we are optimistic that this trend will continue in 2018 and 2019."
The four-star Citywest Hotel encompasses over 764 bedrooms, an 18-hole golf course and a convention centre. The proposed change of control will not affect the venue's daily operations.