The media and telecom magnet John Malone, along with partners Paul Higgins and Lalco, has agreed to acquire the InterContinental hotel in Ballsbridge, Dublin.
The property, which was once operated by the Four Seasons until the InterContinental franchised purchased it, is the fifth Irish hotel bought by Malone. The 74-year-old, alongside the InterContinental Hotel Group (IHG), plan to invest over €5 million in the hotel.
The hotel has 197 rooms, which include 58 suites, an indoor swimming pool, spa, fitness center, two restaurants and two bars. In addition, the luxury property has two ballrooms, which is estimated to be 1,400 square meters.
Malone, who is the U.S. largest landowner, has purchased a series of properties in Ireland including Westin, Hilton and Trinity City hotels in Dublin and the Limerick Strand Hotel, in partnership with the Lalco Group, a collection of individual hotels, hostels and visitor attractions in Ireland founded by developer John Lally.
The property is being sold by London & Regional (L & R), a British property company with offices in London, Ireland and Panama. L & R purchased the hotel nearly five years ago for approximately €15 million. It is believed the company will make a substantial return on the original investment.
The deal is set to undergo approval by the Competition and Consumer Protection Commission, a statutory body responsible for enforcing consumer protection and competition law in Ireland, next month.
“John Malone and partners are thrilled to be associated with a hotel that holds such a special place in the hearts and minds of discerning visitors to Dublin. Our €5m upgrade will further enhance all aspects of the visitor experience,” Higgins said.
Malone is the chairman of the board of Liberty Global, the world’s largest international cable company with revenues of $20 billion and operations in 14 countries. Most recently, he swamped his stakes in cablevision channel Starz for a stake in listed film studio Lionsgate, where he now has a seat on the board.
Photo via Reuters