Global real estate investment company, Kennedy Wilson, has completed the sale of the five-star Shelbourne Hotel in Dublin.
The St Stephen's Green located property has been bought by European specialist hotel investment vehicle, Archer Hotel Capital.
It already owns the nearby five-star Conrad Hotel.
The Shelbourne had been on the market since last year with a price tag reported to be in the region of €260m and in February the Business Post reported that a deal had been reached for its sale.
Now Kennedy Wilson has confirmed it has completed the sale of the hotel, along with a three-building office campus in Washington and a UK retail asset.
The total sales price for all three properties is approximately $335 million, but no breakdown is given of what was paid for the Shelbourne.
Kennedy Wilson said it made a gain on the sales of approximately $120 million.
In a statement on its website, Archer Hotel Capital said the acquisition marks a significant milestone for Archer as it expands its portfolio in the hospitality sector.
"We are thrilled to add the Shelbourne Hotel to our collection of properties," said Dominic Seyrling, Co-CEO of Archer.
"This acquisition aligns perfectly with our commitment to investing in exceptional assets with enduring value. Archer is dedicated to preserving the Shelbourne Hotel’s legacy while enhancing its offering."
"Archer looks forward to writing the next chapter in the storied history of this beloved Dublin landmark."
The Shelbourne was established in 1824 and is one of Ireland’s best known hotels. It has 265 rooms and suites, as well as restaurants, bars, function rooms and a leisure centre.
Kennedy Wilson bought the hotel ten years ago for a reported $110 million and since then spent around €36 million on its refurbishment.
Last year revenues at the hotel increased to $57.1 million, up from $46.9 million in 2022, while pre-tax returns rose from $16.9 million to $21 million.
Archer Hotel Capital is jointly owned by affiliates of APG Asset Management and GIC.
It was established in December 2018 and owns 13 European hotels with a gross asset value of circa €2bn.
