Limerick hotel bought for €20m
US billionaire John Malone has added to his Irish hotel chain
The Strand in Limerick is the latest hotel in Ireland to be bought by billionaire US businessman John Malone
The acquisition of the seven-year-old Limerick hotel will bring to €150 million his investment in the Irish hotel sector over the past two and a half years.
The 184-bedroom Strand Hotel, overlooking the river Shannon, cost in excess of €40 million to develop and fit out just before the property market collapsed in 2007. It was owned by John Lally whose Lalco Hotel Group now operates the three Dublin hotels for Mr Malone.
The sale brings to 45 the number of Irish hotels sold in the first nine months of this year for a total of €280 million. This compares with 33 hotels valued at €160 million which were sold in 2013.
CBRE and Savills handled the Limerick sale.