Dean Group Sells Majority of Shares
The Dean Hotel Group has sold a majority stake in the business to US and UK based investment funds.
Details have not been disclosed of the amounts being paid by the investment vehicle managed and led by Lifestyle Hospitality Capital (LHC) Group and backed by funds advised by Elliott Investment Management LP.
Founder Paddy McKillen Jr and the McKillen Company will retain a stake and will continue to be involved in the business.
The group includes eight properties in Ireland including The Dean, The Mayson, The Clarence, The Devlin, The Leinster and Glasson Lakehouse. Three hotels currently operate in Ireland under The Dean brand, with two hotels set to open in the UK by 2025.
The hotels will continue to be managed and operated by the group under the existing brands.
LHC is a newly formed global investment management platform that specialises in lifestyle hospitality and operational real estate.
It is expected that the deal will complete between now and the end of this year.