Thursday, July 24 10:41:32
Hotels management group, Lalco together with global media mogul, John Malone, are in talks to buy Dublin's Westin Hotel for around E65m, according to reports.
The acquisition is expected to close at end of August 2014.
The five-star Westmoreland Street hotel will be operated by Lalco under a franchise agreement with Westin Hotels and Resorts.
The Westin Dublin is the third hotel in the capital after Trinity City Hotel, Pearse Street and Hilton Hotel, Charlemont Place to be acquired by Malone and his Irish partner Lalco, operated by John Lally and Paul Higgins.
As part of the deal, the current lease on the property, which belongs to Starwood Hotels and Resorts (owner of the Westin brand), will terminate and the hotel will move into a franchise agreement between Lalco Hotel Group and Starwood Hotels and Resorts.
"We believe that The Westin Dublin fits exceptionally well with the profile of our other properties in terms of location and iconic status and our objective is to maintain its position as one of Ireland's leading five-star hotels," said Lally
"The partnership with John Malone has proven to be extremely successful since we first joined together to buy the Trinity Capital Hotel in August of last year followed by The Hilton Hotel, Dublin earlier this year."
Lalco's portfolio also includes the Hilton Dublin Kilmainham, The Limerick Strand Hotel and The Harbour Hotel and recently acquired 5 Star Glenlo Abbey Hotel and Golf Club in Galway. Under a lease from the Benedictine sisters of Kylemore Abbey, the company also operates the visitor attraction, restaurants, shop and walled gardens at Kylemore Abbey in Connemara. Lalco also operates Barnacles Holiday Hostels with locations in Temple Bar Dublin and Quay Street Galway. The Lalco Hotel Group employs more than 1,100 people employed throughout the country.
Meanwhile, Malone, who's chairman of Liberty Global, has a range of investments including UPC, Discovery Channel, QVC Shopping Channel, Expedia, Tripadvisor and Virgin Media. According to Lalco, he is also the largest individual landowner in the US with close to 2.2 million acres in Maine, Maryland, New Mexico, Colorado and Wyoming.
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