Shelbourne Celebrates with New Owner
The Shelbourne will celebrate its 200th anniversary with a new owner.
The current proprietor, global real estate investment company Kennedy Wilson, has completed the sale of the five-star hotel to European specialist hotel investment vehicle Archer Hotel Capital, which already owns the nearby five-star Conrad Hotel.
The Shelbourne had been on the market since last year with a price tag reported to be in the region of €260M, and in February the Business Post reported that a deal had been reached for its sale.
Now Kennedy Wilson has confirmed it has completed the sale of the hotel, along with a three-building office campus in Washington and a UK retail asset.
The total sales price for all three properties is approximately $335 million, but no breakdown is given of what was paid for the Shelbourne. Kennedy Wilson said it made a gain on the sales of approximately $120 million.
In a statement on its website, Archer Hotel Capital said the acquisition marks a significant milestone for Archer as it expands its portfolio in the hospitality sector.
"We are thrilled to add the Shelbourne Hotel to our collection of properties," said Dominic Seyrling, Co-CEO of Archer.
"This acquisition aligns perfectly with our commitment to investing in exceptional assets with enduring value. Archer is dedicated to preserving the Shelbourne Hotel’s legacy while enhancing its offering."
The Shelbourne was established in 1824 and is one of Ireland’s best known hotels. It has 265 rooms and suites, as well as restaurants, bars, function rooms and a leisure centre.
Kennedy Wilson bought the hotel ten years ago for a reported $110 million and, since then, spent around €36 million on its refurbishment.
The Shelbourne has been home to historic moments such as the drafting of the Irish constitution in 1922, chaired by Michael Collins, with one of the two original copies of the document in the ownership of the hotel to this day.
It was the first hotel in Ireland to be lit by gaslight in 1825 and has welcomed presidents, royalty, famous artists, writers and Hollywood film stars.
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