London-based Lifestyle Hospitality Capital has bought a majority stake in Irish hotel group Dean Hotel Group, the Irish Independent reports.
No financial details of the deal have been given, and the seller, the McKillen family office, will retain a share in Dean Hotel Group. Lifestyle Hospitality Capital was founded earlier this year by Keith Evans, a former acquisitions and development manager at Starwood Capital Group and Ennismore.
In February, the Irish Independent reported that Paddy McKillen Jr.’s development group Oakmount was planning a sale of Dean’s eight-hotel portfolio — which is operated by Press Up Entertainment — valued at €275 million ($292 million).
Dean Hotel Group has three hotels under the brand The Dean, one with 112 rooms in Cork, one with 100 rooms in Galway and a third with 51 rooms in Dublin. Its portfolio also includes the 65-room Glasson Lakehouse in County Westmeath and 36-room Butler Arms Hotel in County Kerry. In Dublin, Dean Hotel Group owns the 93-room The Mayson, 40-room The Devlin and 59-room The Clarence. The Clarence hotel was sold by Paddy McKillen Sr. and rock band U2 members Bono and The Edge to Press Up on Oct. 17.
A €43 million loan was provided by bank Leumi U.K. for the sale of The Clarence to Dean Hotel Group, according to a news release from the bank, which it said “will allow the borrower, which has owned the leasehold on the property since 2019, to acquire the freehold and add an additional 43 rooms.”
Bono and The Edge, along with McKillen Sr., bought the hotel in 1992.
CoStar reported the sale of it this month as being valued at €42.9 million ($45.5 million).
Press Up also has three hotels to open in Ireland in its pipeline and one in Birmingham, England, its first international foray.
Press Up also owns entertainment offerings such as restaurants, bars, movie theaters, gyms, spas and golf courses, which it will continue to manage.