Tuesday 25 September 2018

Group behind Powerscourt completes acquisition of Citywest Hotel

The Citywest Hotel, Saggart
The Citywest Hotel, Saggart
Ellie Donnelly

Ellie Donnelly

Tetrarch Capital, whose portfolio includes the Marker and Powercourt hotels, has completed the acquisition of Citywest Hotel from Pimco.

The acquisition of the 764 room hotel was supported by a €60m loan from Starwood, a Guernsey domiciled investment company.

As well as funding the acquisition, the funds will go towards the ongoing refurbishment of Citywest.

Starwood has also provided an additional €9m loan to finance the conversion of 80 aparthotel units into 84 residential apartments at Westpark Apartments.

The six apartment blocks are adjacent to the golf course at Citywest Hotel, and the redevelopment is due for completion by October 2019.

The hotel and convention centre were developed between 1990 and 2009, and, since Tetrarch Capital’s involvement began in 2014, the hotel has undergone an €11m investment programme, upgrading guestrooms and common areas.

"We are delighted to have completed this transaction backed by financing from Starwood," Michael McElligott, CEO of Tetrarch Capital, said.

"The deal makes us the long-term owners of Citywest, which has always been our ambition. We remain very optimistic for the future of the Hotel, Convention Centre and our wider holdings in the area, and will continue to invest in plans we have for the further enhancement of Citywest as Ireland’s preeminent conference destination."

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