A Tristan Capital Partners fund has acquired a majority shareholding in Raag Hotels Limited – which owns 10 Point A hotels in the UK and Ireland, including the Point A Hotel on Parnell Street in Dublin city centre – in a €500m deal.
The Point A portfolio comprises 1,520 rooms, with 80pc of its value in London.
Under the new partnership, Queensway, which remains a minority partner, will co-invest and act as hotel operator, asset manager and development partner for future sites. The shareholders have committed significant additional equity to fund the next phase of growth.
“Our ambition is to materially grow the platform in the UK and Ireland alongside the Queensway team with two to three acquisitions per year, with the objective of doubling the portfolio in the medium term,” a spokesperson said.
The team is assessing opportunities to increase footprint in the Irish market.
UK-based Tristan specialises in value-added investment strategies across all property types in the UK and Europe and has been active in the Irish property market. This week The Irish Times reported Tristan plans to sell a portfolio of 376 apartments worth more than €200m at One Three Point North, Clongriffin, in Dublin 13. These were developed in conjunction with the Larkin family’s Twinlite.
In 2018 another Tristan fund did a deal to buy Point Square development site in Dublin’s North Docks for the development of the EXO office block. It also partnered with SW3 Capital to buy apartment portfolios in Dún Laoghaire and Leopardstown.