Glasson hotel owners sell majority stake

The Dean Hotel Group, which includes Glasson Lakehouse, has sold a majority stake in the business to US and UK-based investment funds, it's emerged.

According to recent national media reports, the deal is being managed and led by London-headquartered Lifestyle Hospitality Capital Group, and backed by funds from Elliott Investment Management, a New York investment management company founded by billionaire activist Paul Singer.

The Irish Times reported that 70% of the group has been acquired by the investors as part of a deal worth an estimated €350 million.

The portfolio of eight hotels will continue to be managed and operated by the Dean Hotel Group under its own brands, including Glasson Lakehouse, the Dean, the Mayson, the recently acquired Clarence Hotel in Dublin, once owned by Bono and The Edge from U2, the Devlin and the soon-to-open Leinster hotel in the capital.

Founder Paddy McKillen Jr and the McKillen Company are set to retain a stake in The Dean Hotel Group and will remain involved in the business.

"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," Paddy McKillen Jr said in a statement circulated in the national media following the deal, which is expected to be concluded before the end of 2023.