Canadian hotelier enters Ireland with €50m Dublin deal

The Sandman Hotel Group, part of the Northland Properties Group and Canada's largest privately-owned hospitality business, has acquired the Portmarnock Hotel & Golf Links in Dublin.

Financial details were not disclosed, but US real estate investment group Kennedy Wilson declared a guide price of €50 mln when it placed the asset up for sale in May.

The property, which is located in Fingal, with access to Dublin airport and Dublin city centre, comprises 134 keys and a Bernhard Langer-designed championship links golf course, as well as restaurants, meeting and banqueting space, a spa and a fitness centre.

Vendor Kennedy Wilson acquired the asset for €27 mln in 2014, before executing a comprehensive upgrade costing around €5 mln. The estate dates back to the 18th century and was once the family home of the Jameson whiskey dynasty.

'We are thrilled to be expanding into Ireland. It’s such a stunning part of the world and this property is incredibly special,' said Mitch Gaglardi, managing director, Northland Properties UK Limited. 'We have great respect for the existing team and the long-history of the hotel – combined with our own 50 plus years of experience, we see a winning formula.'

The deal marks the company’s first property in Ireland, adding to three other existing UK locations, which include Newcastle Upon Tyne, where one of its hotels and the group’s UK head office is based. The company also has several other properties in Canada and the US.

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