Crowne Plaza Hotel in Dundalk set to change hands
The Crowne Plaza Hotel in Dundalk is set to change hands.
Its owner Tifco, who are backed by Goldman Sachs, has today agreen a deal with US private equity firm Apollo Global Management for its 18 hotels as well as two sites for two new hotels in Dublin on the market.
According to a report in The Irish Times, the deal is said to be worth up to €600 million.
The 14 storey, 129 bed Crowne Plaza Dundalk opened in September 2007 and includes a conference facility and a gym.
As well as the Crowne Plaza in Dundalk, the portfolio includes Clontarf Castle in Dublin, the Heritage Resort in Killenard, Co Laois, The Metropole in Cork, as well as the Crowne Plaza Hotels at Northwood in Santry and Blanchardstown. They also have a 114 bedroom Holiday Inn Express at Northwood and the 120 bedroom Hilton Hotel at Kilmainham.
The collection also includes the Parliament Hotel on Lord Edward Street in Dublin which is currently undergoing an expansion and refurbishment before being relaunched as Dublin’s first Hard Rock hotel.
Of it Travelodge properties, seven will be sold as freehold properties, with Tifco’s leasehold interest in the other five also part of the transaction.
The freehold hotels are located at Swords, Castleknock, Waterford, Limerick, Galway, Belfast and Rathmines. The five leasehold properties are in Ballymun, St Stephen’s Green, Cork, Limerick Castletroy and Derry.
The new owners of the hotel portfolio will also have the right to pre-fund a 392-bedroom hotel at Townsend Street, in Dublin. Another site at Portobello has planning permission for 150 bedrooms.
The State’s Competition and Consumer Protection Commission has been notified of the transaction.
Documents submitted to the commission show Apollo has set up a designated company Trident Bidco DAC to take control of the Tifco group of companies, which have been amalgamated for the purpose of the deal. A spokesman for Tifco declined to comment.
In its most recent results, for 2016, Tifco reported pre-tax profit of €4 million, a rise of 22 per cent on the previous year on revenues that jumped 10 per cent to just under €35 million. However, those figures don’t include the 12-strong chain of Travelodge Inns that Tifco acquired in late 2016 in a deal understood to be worth €46 million.