Dalata has acquired the Tara Towers Hotel on Merrion Road, Dublin 4, for €13.1 million.
The group said it plans to invest €4.5 million on renovating the three-star hotel,in a move which will convert the property into a modern four-star establishment. The hotel will be rebranded as a Maldron hotel once renovation work is completed.
Completion of the acquisition is expected in January 2016.
Facilities at the hotel include 111 ensuite bedrooms, a bar, restaurant, and car park . The hotel also has conference facilities for 300 people and a banqueting hall that can seat 180 guests. The total size of the site is 1.46 acres.
Profits attributable to the hotel are expected to be €475,000 this year.
The Tara Towers was offered for sale in October with DTZ Sherry FitzGerald and Savills acting as joint selling agents. DTZ was quoting in excess of €9 million for the property and an adjoining 1.4-acre site beside it. The hotel and site were bought by Elmpark developers Bernard McNamara and Jerry O’Reilly in 2003 for €14.2 million.
