Kilmainham Hilton sold to Tifco by Lalco, which is in Nama

Developer John Lally's Lalco has sold the Hilton in Kilmainham, Dublin to Tifco Hotel Group.

Tifco confirmed late yesterday that it had bought the property, which it will continue to operate as a franchise under the Hilton brand. As a result, it will both own and manage the hotel.

The group has a similar arrangement with the InterContinental Group, from which it has franchised the Crowne Plaza brand, under which three of its properties, in Dublin and Dundalk, Co Louth, are run.

The deal means that the Kilmainham hotel is also joining the same stable as the five-star Heritage in Killenard, Co Laois; Clontarf Castle in Dublin; and the Metropole in Cork, which are among the properties Tifco manages.

Lalco owns and runs seven hotels in Dublin, Galway and Limerick, including the five-star Westin in the capital .

The company sold the high-profile Humewood Castle in Wicklow to billionaire John Malone in 2012. Lalco has agreed a deal with Nama under which it will repay its debts to the State agency by 2020.

Tifco owns and manages a portfolio of five-, four- and three-star hotels in Ireland and Germany under a number of brands.