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."