Blackstone buys largest hotel in Dublin

The Blackstone Group bought the 501-room The Burlington Hotel, the largest hotel in Dublin, out of receivership for €67 million (US$86 million).

Irish property developer Bernard McNamara, the hotel’s previous owner, had bought The Burlington from JDH in 2007 for €288 million (US$373 million). Grant Thornton, appointed receiver of the 4-star hotel by the Bank of Scotland, had a guide price of €65 million to €75 million (US$84 million to US$97 million) for the property.

Despite being bought for a much lower price than five years ago, The Guardian reported that the hotel is estimated to have made profits of €5 million to €6 million (US$6 million to US$7 million) during the past year.

Blackstone plans to invest €16 million (US$20 million) renovating the property and rebrand it under Hilton Worldwide’s DoubleTree by Hilton brand. This will be the first DoubleTree by Hilton hotel in Ireland.

The renovation will focus on the lobby and hotel’s nightclub Pure. The hotel includes two restaurants, the Sussez and the Diplomat, both of which serve modern Irish cuisine, as well as two bars, Bellini’s and Mespil and 3,182 sq m (34,250 sq ft) of meeting and banqueting space.