The Dean Hotel Group has sold a majority stake in the business to US and UK based investment funds.
Financial details of the amounts being paid by the investment vehicle managed and led by Lifestyle Hospitality Capital (LHC) Group, and backed by funds advised by Elliott Investment Management LP, have not been disclosed.
However, it is understood that the deal values the entire portfolio of properties at in excess of €350m.
Founder Paddy McKillen Jr and the McKillen Company will retain a stake and stay involved in the business.
"We are confident that The Dean Hotel Group will continue to thrive, as our partners at LHC both understand and embrace our distinctive Irish vision of hospitality that runs through The Dean Hotel Group portfolio," Paddy McKillen Jr said.
The group includes eight properties in Ireland, including The Dean, The Mayson, The Clarence, The Devlin, The Leinster and Glasson Lakehouse.
The hotels will continue to be managed and operated by the group under the existing brands.
Three hotels currently operate in Ireland under The Dean brand, with two hotels set to open in the UK by 2025.
LHC is a newly formed global investment management platform that specialises in lifestyle hospitality and operational real estate.
"As experienced investors in this space, we were drawn to the exceptional collection of locally designed and curated hotels, bars and restaurants that Paddy and his team have developed," said Keith Evans, Founder & CEO of LHC.
"We look forward to continuing to honour The Dean Hotel Group's Irish heritage as we work together to deliver on the next phase of growth for the portfolio."
It is expected that the deal will complete between now and the end of this year.
