Three major hotels sold to owner of TV3 for €150m
Three landmark Dublin hotels have been sold to a partnership backed by billionaire TV3 owner John Malone for a figure believed to be in excess of €150m.
The John Malone Partnership (JMP) acquired the Spencer, Morgan and Beacon hotels from the Fitzpatrick Lifestyle Hotels Group and Patron Capital Partners.
Capnua Corporate Finance and CBRE acted as joint advisers on the transaction.
JMP includes John Malone, Paul Higgins and developer John Lally's Lalco - and has been particularly active in the Irish market. It already owns the five-star Westin and Intercontinental hotels, among others.
CEO of Fitzpatrick Lifestyle Hotels, Paul Fitzpatrick, said: "We are delighted today to be handing over the keys of a great business, with a fantastic team of people to a well-established, local and proven operator."