Irish investment group Tetrarch Capital is set to take full ownership of the Citywest Hotel in Saggart, Co Dublin.
Tetrarch Hospitality parent company, Tetrarch Capital, is set to take full ownership of Citywest Hotel in Saggart, Co Dublin, by buying out the interest of its joint-venture partner, California-based Pimco.
Citywest is Ireland’s biggest hotel with more than 764 bedrooms, an 18-hole golf course and a convention centre.
Tetrarch, which has assets under management of more than €600 million, is planning further upgrades to the property’s common areas and bedrooms, and its convention centre. Since acquisition in 2014, Tetrarch has since invested about €12 million in upgrading the four-star property.
Tetrarch Capital chief executive Michael McElligott said he was “delighted” to have agreed a deal to acquire Citywest Hotel, Ireland's largest Hotel. “We have a very strong conviction in the medium- to long-term growth potential of the business across all key departments,” he said. “Since we bought the business with Pimco in 2014 our joint venture has made very significant investments across all areas of the property. In tandem with the physical improvements throughout the property, the management team and staff at Citywest have worked tirelessly to enhance customer service and the guest experience for all of our visitors. As a consequence we have enjoyed sustained year-on-year improvements in the levels of business at the hotel over the past three years and we are optimistic that this trend will continue in 2018 and 2019.”
The acquisition of Citywest will have no impact on the day-to-day operations of the hotel, which will continue to be run by Tetrarch Hospitality.