The Dean Hotel Group has today announced that it has agreed to sell a majority stake in its business to an investment vehicle that is managed and led by Lifestyle Hospitality Capital (LHC) Group, and backed by funds advised by Elliott Investment Management.
Founder Paddy McKillen Jr and the McKillen Company will retain a stake and remain involved in the business.
Paddy McKillen Jr, commenting on the transaction said: 'We are delighted to have agreed this transaction, which will create a partnership between Ireland’s leading hospitality company and a best-in-class hospitality investment management platform. We are confident that The Dean Hotel Group will continue to thrive, as our partners at LHC both understand and embrace our distinctive Irish vision of hospitality that runs through The Dean Hotel Group portfolio.'
Keith Evans, Founder & CEO of LHC, commenting on the partnership said: 'As experienced investors in this space, we were drawn to the exceptional collection of locally designed and curated hotels, bars and restaurants that Paddy and his team have developed. We look forward to continuing to honour The Dean Hotel Group’s Irish heritage as we work together to deliver on the next phase of growth for the portfolio.'
The hotels will continue to be managed and operated by The Dean Hotel Group under its own brands including The Dean, The Mayson, The Clarence, The Devlin, The Leinster and Glasson Lakehouse.
The Dean brand has three hotels operating in Ireland, with two hotels set to open in the UK by 2025. The award-winning restaurants and bars will also continue to be operated internally by The Dean Hotel Group under its own brands such as Sophie’s, Ryleigh’s, Roberta’s and Layla’s.
Completion is expected in the fourth quarter of 2023, subject to customary closing conditions.