Emerald checks in at Fleet Street Hotel
London-based boutique private equity group Emerald Investment Partners has taken a stake in the company behind Dublin's Fleet Street Hotel.
It is not clear at this stage to what degree the UK group is becoming involved with the property, which is owned by investors including hotel operator Patrick Coyle of Windward Management.
Mr Coyle is chief executive of Windward, a company that provides hotel management and consultancy services. He is a former chief executive of the Gresham Hotel Group.
A company called Fleet Street GP has invested €1.75m in the firm behind the hotel. Fleet Street GP is in turn owned by Guernsey-based Prime Developments. The directors of Fleet Street GP are Nick Ledbetter and Philip Ellis. Both are also directors of Emerald Investment Partners.
Neither Mr Coyle nor directors at Emerald Investment Partners were contactable for comment yesterday. The Fleet Street Hotel was sold by a receiver in 2011 to the current owners.
Emerald Investment Partners was established by financier Alan McIntosh. He was a founder of private equity firm Sun Capital Partners, and also of life assurance group Pearl.
Prior to that, he was a co-founder of UK pub groups Punch, Spirit and the Wellington Pub Company. Between them, they owned over 5,000 pubs in Britain. He's also been an investor in PizzaExpress and Centre Parcs. He left Sun Capital in 2011 and subsequently established Emerald.
Last year, Emerald Investment Partners paid €33m to acquire a majority stake in one of Ireland's largest private nursing home groups, CareChoice. It operates five facilities in Munster. Emerald has also invested in Pledge Music, a direct-to-fan music platform.
Earlier this year, it was reported that Mr McIntosh had teamed up with Irish builder Michael Stanley to launch a new house-building firm, Cairn Homes. They hired Goodbody Corporate Finance to line up a €300m stockmarket flotation of the company. As part of the plan, it was reported that Mr Stanley would reverse about €25m worth of land assets into the new company in return for a significant shareholding in the business.