Property developer Sean Dunne today said he had sold his minority share in the Jurys Doyle Hotel Group for a profit of €20 million.
Mr Dunne, whose company DTC Construction Services Ltd owned a 28 per cent stake in Jurys Doyle, said he had decided not to make a bid for Ireland's largest hotel group.
"I am very happy with my investment which will realise a profit of €20 million," Mr Dunne said.
"I view a minority shareholding in a public company over which I have no say in its direction as negative for both parties.
"I believe my best interests are served by taking the profit on my investment and focusing on my everyday business as a developer.
"I take this opportunity on behalf of DTC Construction Services Ltd to wish the management of Jurys Doyle and JDH Acquisitions every success in the future."
In September, the property developer purchased the prestigious Ballsbridge site from the hotel group for €260 million.
The 4.8 acre site consists of Ballsbridge Hotel, Towers and the Berkeley Court apartments. He has also bid for the adjoining Berkeley Court Hotel lot on which a decision is expected next week.
Jurys Doyle, which operates 36 hotels in Ireland, Britain and the United States, has been the subject of intense takeover speculation since May.
Last month JDH Acquisitions, a consortium which represents members of the Doyle family and owns a 40 per cent stake in Jurys Doyle, announced a €1.25 billion bid to take over the company. JDH Acquisitions includes five board members and the daughters of the company's late founder, PV Doyle.