US group Blackstone buys Burlington Hotel for €67m

Sunday 25 November 2012 22.30
The Burlington Hotel was established in 1972
The Burlington Hotel was established in 1972

US group Blackstone has bought the Burlington Hotel in Dublin for €67m from receiver Grant Thornton.

The hotel was bought by developer Bernard McNamara for €288m in 2007.

Jurys Doyle Hotel, a private company formed by members of the hotel group's founding Doyle family, sold the Burlington Hotel to Mr McNamara in a deal that valued the site at almost €70m an acre.

The four-star Burlington, established in 1972, is Dublin city's largest hotel, with 501 bedrooms.

Commenting on the deal, Ken Caplan, Head of European Real Estate at Blackstone, said: "We are quite excited to be acquiring the Burlington Hotel in Dublin.

“This acquisition, and the additional €16m investment that we have planned for the hotel's refurbishment, demonstrates our strong confidence in Ireland's economic recovery.

“We are hopeful to find additional investment opportunities here as well."

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