Investment group Tetrarch Capital has taken full control of Dublin’s Citywest Hotel, having bought out its investment partner Pimco.
The hotel is currently Ireland’s largest with 764 rooms, as well as an 8,000 person capacity convention centre and an 18-hole golf course.
Tetrarch’s move to take full control of the facility is being supported by a €60m loan from Starwood European Rest Estate Finance, with an additional €9m being provided to convert 80 aparthotel units into 84 residential apartments.
The Citywest Hotel and convention centre was built between 1990 and 2009, but entered receivership in 2010.
Tetrarch and Pimco bought the development from its receivers in 2014 for €29m, with the two firms investing around €11m in refurbishments since then.
Tetrarch co-owns and manages €600m worth of real estate investments in Ireland, including the Powerscourt Hotel, Marker Hotel and Mount Juliet Golf & Spa Hotel.
