Five-star Powerscourt Hotel sells for €50m

The hotels group backed by Virgin Media owner John Malone has paid around €50m for the five-star Powerscourt Hotel in Wicklow.

Five-star Powerscourt Hotel sells for €50m

The hotels group backed by Virgin Media owner John Malone has paid around €50m for the five-star Powerscourt Hotel in Wicklow.

It will become part of the American billionaire’s MHL Collection of hotel properties in Ireland, which includes the Westin, InterContinental, Hilton, Morgan, Spencer, and Trinity properties in Dublin, and the Limerick Strand Hotel and Glenlo and Harbour Hotel in Galway.

The MHL Collection firm, which involves Mr Malone, John Lally, and Paul Higgins, has 11 hotels and employs more than 1,800 people.

The 200-bed Powerscourt Hotel has been owned since 2013 by an investment group that includes Midwest Holding, Tetrarch Capital, and Brehon Capital Partners.

It stands close to the Powerscourt Garden estate and golf courses.

Originally built by Johnny Ronan and Richard Barrett of Treasury Holdings, the Palladian-style hotel property and its spa, pool, and leisure facilities was something of an icon of Celtic Tiger-era opulence when it opened as the Ritz Carlton in 2006, just before the onset of the property and banking crash.

It lost millions during the worst of the recession.

“We are very pleased to add Powerscourt Hotel Resort and Spa to the MHL collection, where it joins a five-star line up that includes the InterContinental, the Westin and Glenlo Abbey as well eight superb four-star hotels, all of which have undergone or are undergoing significant investment,” said Paul Higgins, partner at the MHL Collection.

“This latest acquisition supports our continuing aim of acquiring and managing a collection of high-quality hotels, both branded and non-branded and investing heavily to enhance customer experience and future performance.”

MHL Hotel Collection said it is the second largest hotel group in Dublin city and has more than €150m in annual revenues.

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