LONRHO, the agriculture to mining conglomerate, today announced the long awaited sale of its Metropole Hotels business.

It is selling the five hotels to Stakis, the Glasgow based hotels and casinos group, for £327 million sterling.

Stakis announced last week that it was planning to invest £17 million in a 194 bedroom hotel at Charlemont Place, be side the Grand Canal in Dublin. To be known as the Stakis Dublin, it will open in 1997 and will employ 130 people.