Texan private equity fund Lone Star has sold the final 25 hotels from its Amaris Hospitality portfolio, including the Hilton Garden Inn on Dublin’s Custom House Quay, to an Israeli-backed LRC Group for £600 million (€676 million).
It brings to a close Lone Star’s near four-year foray into the Irish and UK hotel market with Amaris, following the sale in December of the portfolio’s Jurys Inn chain to Swedish investor Pandox for £800 million.
The sale to LRC of the final tranche of 25 properties includes almost all of the non Jurys Inn-branded hotels in Amaris, which was run for Lone Star from Dublin by Irish hotelier John Brennan.
The Custom House hotel was once a Jurys Inn, before it was rebranded as part of a £100 million overhaul of Amaris portfolio led by Mr Brennan.
The transaction also marks the debut in the Irish and UK hotel sector of LRC, a fund with its headquarters in Cyprus but founded and run by London-based Israeli investor Yehuda Barashi. His family have extensive interests in Israel in the property and construction industries.