U2's Bono and the Edge have sold the Clarence Hotel in Dublin in a multi-million euro deal after owning the iconic property for more than 30 years.
Bono and the Edge, along with business partner Paddy McKillen Sr., have sold the famous hotel to the Dean Hotel Group, co-owned by Paddy McKillen Jr. and Matt Ryan.
The Irish Times reports that McKillen Jr. and Ryan have owned the leasehold for the hotel since 2019 and had been managing operations at the Clarence for a number of years prior to that. However, the Dean Hotel Group has now taken full ownership of the hotel.
Bono and the Edge bought the hotel in 1992 along with McKillen Sr., a Belfast-based property investor.
The Dean Hotel Group made the purchase with the assistance of a €43 million loan facility from Leumi UK, which is being used to acquire the hotel's freehold interest. It will also fund the expansion of the hotel with the addition of 43 new rooms, taking the total number of rooms at the Clarence to 102.
The planned expansion will see the Clarence extended into the adjacent building, which the Dean Group is also purchasing.
The Dean Hotel Group is part of the wider Press Up Hospitality Group, which owns a significant number of pubs, restaurants, and hotels in Ireland.
Press Up operates the hugely popular Stella Cinema in Rathmines in addition to Dublin hotels such as the Devlin, the Dean, and the Mason.
It is now clear how much Bono and the Edge have made from the sale of the Clarence.
U2, who performed their song "Beautiful Day" from the Clarence rooftop in 2000, are currently playing out their residency at the Las Vegas Sphere.
The residency was initially intended to run for 25 shows, but the band announced a further 11 dates last week, which will take place in January and February next year.