Dublin's Spencer, Morgan and Beacon Hotels sold to US billionaire John Malone
Partnership consisting of John Malone, Paul Higgins and John Lally make purchase for undisclosed sum
Fitzpatrick Lifestyle Hotels, in conjunction with London-based Patron Capital Partners, has agreed to sell its Spencer, Morgan and Beacon hotels to a partnership comprised of US billionaire John Malone and his Irish partners, Paul Higgins and John Lally.
The sum has not been disclosed. Higgins, Lally and Malone, the man behind Liberty Global, the company whose subsidiaries have control of UPC, TV3 and UTV Ireland, are well-known hoteliers, and already own Dublin's Westin and Intercontinental hotels as well as the Trinity City Hotel, the Hilton Dublin, and the Limerick Strand hotel.
Paul Fitzpatrick, chief executive of Fitzpatrick Lifestyle Hotels, said that the sale arose after the group made a "strategic decision" about these three Dublin hotels.
Malone's companies have been on a buying spree lately. Earlier this month, Liberty Media bought Formula One racing for €3.9 billion.
Capnua Corporate Finance and CBRE acted as joint advisers on the hotels transaction.