Five-star profit: Luxury hotel sells for €50m
The luxury Powerscourt Hotel in Enniskerry, Co Wicklow, has been sold for more than €50m to Virgin Media owner John Malone's MHL Collection.
It is around five times what a Nama-appointed receiver was paid for the then Ritz Carlton Hotel's debts in 2013.
The five-star hotel, on the Powerscourt Estate, is being bought from the consortium that took it over in 2013, which includes Midwest Holding, a vehicle for the wealthy Spitzer family from Switzerland, hotel investors Tetrarch Capital and Brehon Capital.
The MHL Collection is owned by US billionaire John Malone and his Irish partners Paul Higgins and John Lally.
It already has a string of hotels including the five-star InterContinental and Westin in Dublin and Glenlo Abbey in Galway.
As the Ritz Carlton, the 200-room hotel was synonymous with the heights of the Celtic Tiger economy.
It was built by Johnny Ronan and Richard Barrett's Treasury Holdings at a reported cost of €200m and opened in 2007.
By 2012 it was in examinership. As well as Treasury Holdings, dozens of private investors, including broadcaster Pat Kenny, who had invested in suites at the hotel saw their investment wiped out.