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UK firm cleans up on Intercontinental

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The Intercontinental Hotel in Dublin which was bought by the John Malone Partnership

The Intercontinental Hotel in Dublin which was bought by the John Malone Partnership

The Intercontinental Hotel in Dublin which was bought by the John Malone Partnership

A UK-based property firm is believed to have at least trebled its money on the sale of Dublin's Intercontinental Hotel.

London and Regional bought the former Four Seasons hotel in Ballsbridge four years ago for €15m.

On Wednesday however it sold the hotel to the John Malone Partnership.

Terms of the sale were not disclosed but industry experts believed the sale price was at minimum €50m.

The deal was the latest for the partnership, which is lead by US biillionaire John Malone and includes Paul Higgins and hotel management firm Lalco.

The partnership says it will invest €5m in the five star hotel, which was re-branded as the Intercontinental at the start of this year.

The hotel was previously owned by an investment syndicate known as the Nollaig Partnership, included Nama client developers David Arnold, Derek Quinlan and Alan and Niall McCormack. Hotelier Francis Brennan, ex-AIB chairman Dermot Gleeson and former Anglo director Lar Bradshaw were also members of the syndicate.

Tthe hotel features 197 guest rooms inclusive of 58 suites, an indoor swimming pool, spa & fitness centre, two restaurants and two bars as well as ballrooms of 15,000 sq ft in total.

Staff shortage leads to SCSI campaign

The Society of Chartered Surveyors of Ireland has launched a new ad campaign as the property industry struggles to fill available positions.

According to the SCSI, one of the main purposes of the ad is to show the diversity of the chartered surveying profession in the property, land and construction sectors to the wider public. It will also show young people the variety of career choices which exist within surveying and hopefully encourage them to consider the profession as a career choice.

The society is hoping to capitalise on a resurgence of interest in careers in property, land and construction, which is evident from the latest figures from the CAO. These show an increase of 28pc in honours degree programmes in the built environment, the highest increase that any sector has seen this year. Last year SCSI accredited surveying courses saw a 50pc increase in enrolments nationwide.

The ad which was produced by the Atomic agency will run on all the main Irish channels for a period of three weeks in the first phase.

 

Sunday Indo Business