Irish American businessman John Malone has added to his Dublin hotel portfolio with the $40 million acquisition of the landmark Hilton Hotel.
The prestigious premises, located on the banks of the Grand Canal, was snapped up by Malone less than a year after he bought the Trinity Capital Hotel on the city’s Pearse Street.
Chairman of the US media group Liberty, Malone is reckoned to be the largest land owner in America and has also purchased Humewood Castle in County Wicklow as part of his Irish spending spree.
The Irish Times reports that Malone has bought the Hilton hotel in partnership with the Lalco Hotel Group.
The 193-bedroom, four-star Hilton made a profit of €2 million for 2012. The hotel was upgraded at a cost of $7million in 2008 by owners Jerry
O’Reilly and Bernard McNamara, whose loans were transferred to the state banking agency Nama.
The report says Lalco Hotel Group also operates the Hilton Kilmainham, the Harbour Hotel and the Glenlo Abbey Hotel in Galway, the Limerick Strand Hotel, and two Barnacles Hostels in Temple Bar and Galway.
Lalco Hotel Group director John Lally said: “This is an exciting development for the Lalco Hotel Group and its partnership with John Malone
“We look forward to continuing this mutually beneficial relationship and focusing on enhancing the experience of guests in all of our properties, through strategic improvements and considered investment.”