Hotelier John Malone has Paid €50m for the Powerscourt Hotel in Wicklow, Ireland

Main Photo: The Powerscourt Hotel

Date: March 2019

Location: Wicklow, Ireland

Name: The Powerscourt Hotel

No. of Keys: 200

Seller: Since 2013, the hotel has been held by a consortium including Midwest Holding, a vehicle for the wealthy Spitzer family from Switzerland, Tetrarch Capital, and Brehon Capital Partners.

The Powerscourt Hotel in Co Wicklow was built for €200m as the Ritz Carlton and opened in 2007.

It is around five times what a Nama-appointed receiver was paid for the then Ritz Carlton Hotel’s debts in 2013.

Buyer: John Malone, MHL Collection, with partners Paul Higgins and John Lally, who have 11 top-notch hotels including the five-star InterContinental and Westin hotels in Dublin and Glenlo Abbey in Galway.

The MHL Collection is owned by US billionaire John Malone and his Irish partners Paul Higgins and John Lally.

The hotel was built by Johnny Ronan and Richard Barrett’s Treasury Holdings.

By 2012 it was in examinership (an Irish expression). As well as Treasury Holdings, dozens of private investors, including broadcaster Pat Kenny, who had invested in suites at the hotel saw their investment wiped out.

Price: €50m

Price per Key: €250,000

THPT Comment: Great price and fab addition to the MHL portfolio. Great deal for the Midwest Holding consortium.

First Seen: The Irish Independent

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