A consortium backed by the US billionaire cable television magnate John Malone has bought the InterContinental hotel in Ballsbridge, Dublin, which had been on the market for an estimated €50 million.
The hotel, which operated as the Four Seasons until the InterContinental franchise was acquired by the hotel’s owners in January, is the fifth Irish hotel purchased in recent times by Mr Malone, who chairs Liberty Global, the parent company of UPC.
Mr Malone bought the hotels, including the Westin, Hilton and Trinity City hotels in Dublin and the Limerick Strand Hotel, in partnership with Lalco, a group founded by the developer John Lally.
The hotel is being sold by the British property company London & Regional (L&R), which was founded by the Livingstone brothers, who were recently approached by Noel Smyth over a proposal to buy Arnotts.
L&R acquired the hotel less than five years ago for about €15 million and will have made a significant return on its initial investment.
The John Malone Partnership says it will invest a further €5 million upgrading the five-star property. The deal, which is subject to approval by the Competition and Consumer Protection Commission, is due to close next month.
