New owners set to invest €5m in Four Seasons
a US billionaire has bought one of Dublin's most exclusive hotels.
Media mogul John Malone, along with partners Paul Higgins and Lalco have agreed terms to buy the Four Seasons Hotel in Ballsbridge - now operating under the Intercontinental brand.
The new owners plan to invest some €5m in the property, which was one of the hallmarks of the Celtic Tiger years and was built in 2001.
Terms of the sale were not revealed, but industry sources believe the hotel would have changed hands for "north of €50m".
In a statement, the John Malone Partnership, as the new owners are known, said the deal was expected to close in the next month.
The hotel has 197 guest rooms, including 58 suites, an indoor swimming pool, spa and fitness centre, two restaurants and two bars and event space with two ballrooms of more than 15,000 square feet.
It was originally owned by a consortium called the Nollaig Partnership whose members included Derek Quinlan, developer David Arnold, former Anglo Irish Bank director Lar Bradshaw and ex-AIB chairman Dermot Gleeson.
JMP already owns the five- star Westin Hotel as well as the Trinity City Hotel, The Hilton Dublin and the Limerick Strand Hotel.
Meanwhile, property tycoons Johnny Ronan and Paddy McKillen have cemented their control of the building that houses Nama, in a deal backed by Deutsche Bank.
The two developers are again in full economic control of the Treasury Building, which they originally built, on Dublin's Grand Canal Street, after repayment of a loan understood to be €39.9m owed to Nama.