Boston hotel group target acquisitions
Boston firm Pyramid Hotel Group intends to grow its presence in the Irish and UK markets with a pipeline of target prospects already in place.
This comes despite their sale last year of the Temple Bar Hotel only two years after they had bought it.
In 2015, FBD insurance group was reported to have sold the 136-bedroom hotel for close to €30m, or about €3m over its guide, to Pyramid and Irish firm Windward Management.
Then last December the Irish Independent reported that Pyramid had sold it on for about €55m to Ascott Ltd, which has more than 29,000 serviced residence units across America, Asia, Europe and the Middle East.
Ascott's portfolio spans more than 100 cities across 28 countries and the Temple Bar acquisition boosted its €1.2bn portfolio in Europe, where it expects to expand to 10,000 units by 2020.
During the 21 months that Pyramid owned the Temple Bar Hotel, it carried out an extensive renovation project, investing just over €6.2m, repositioning the hotel from a three-star to a four-star hotel before selling the property for what appears to be a profit of about €18m.
Pyramid's revamp generated a 100pc increase in hotel profit and equity returns of nearly 90pc. As a result it won the Value Add & Repositioning Project of the Year Award by Europe's Hotel Asset Management Association.