Patron Capital, the pan European institutional investor focused on property backed investments, has acquired the Clarion Hotel located in the International Financial Services Centre (or “IFSC”) in Dublin, a modern, 165-room, 4-star property which is very well located in central Dublin. The Hotel was acquired for €33 million.
The Hotel was sold on the instruction of Kieran Wallace of KPMG who had been appointed as receiver on behalf of the National Asset Management Agency (“NAMA”).
Patron provided the majority of the equity for the transaction alongside Fitzpatrick Lifestyle Hotels (“Fitzpatrick”), who will manage the Hotel on Patron’s behalf. Fitzpatrick is an established owner and operator of hotels in the Dublin market. Choice Hotel Group, the previous manager of the Hotel, is providing transitional services to Patron. Patron and Fitzpatrick intend to build on the Hotel’s strong recent performance via significant capital investment in the property.
The acquisition of the Hotel represents Patron’s third investment in the Republic of Ireland, following the acquisition of the former Chief O’Neills hotel in Dublin, which has been completely refurbished and is now operating under the Patron-owned Generator Hostels brand, and the opening of a site in Spawell by Powerleague, the five-a-side football brand also owned by Patron.
About Patron Capital Partners
Patron represents approximately €2.5 billion of capital across several funds (including its most recent Fund IV) and related co-investments, investing in property, corporate operating entities whose value is primarily supported by property assets and distressed debt and credit related businesses.
Patron’s investments in the hospitality sector include Generator Hostels, Jupiter Hotels, Luxury Family Hotels and Staybridge Suites Liverpool. Outside the hospitality sector, Patron’s investments include CALA Homes, Powerleague, Motor Fuels Group and Gracewell Healthcare.
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