Tetrarch buys The Dawson
Hotel management firm Tetrarch Capital has signed terms to buy the The Dawson Hotel in central Dublin in a deal worth some €17.5m.
The firm, which now controls eight hotels in Ireland less than four years after it was set up here.
The deal sees Tetrarch take over the property at 35/36 Dawson Street encompasses the existing 36 bedroom boutique hotel, Sams Bar, The Dawson Spa, and two restaurants including the former "La Stampa" restaurant.
Company chief executive Michael McElligot said the purchase was a chance to "create what will be Dublin city centre's newest and most elegant luxury bar, restaurant and hotel offering".
"With the continuing recovery in the domestic economy and further growth in tourist numbers, we are confident that there is strong demand in the city centre for the superior culinary and guest experience we plan to create on Dawson Street, through a substantial investment in the redevelopment and expansion of this wonderful property," he said.
Tetrarch is understood to be on the lookout for other boutique hotels.
The property was put on the market in May with an asking price of €15m on the instructions of the receiver Declan McDonald of PwC.
Savills and Morrisseys acted as agents for the seller.
The 3,375 sq m (36,300 sq ft) property is one of the most popular night spots in the city centre, and has substantial footfall throughout the week. The freehold interest over the four storey property was available with vacant possession.