Dublin’s iconic Shelbourne Hotel has been sold to European investment group Archer Hotel Capital for an eyewatering sum, it has emerged.
The famed hotel which occupies a prime location on St. Stephen’s Green and is celebrating its 200 hundredth year in 2024 was reportedly for sale for €260m.
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Stock market filings from Kennedy Wilson confirmed the sale of the hotel, along with a retail space in the UK and an office in Washington for a total of $335m (€311m) but didn’t specify how much was paid for the hotel.
Hotel exterior. Pic: The Shelbourne
The California-based company said that it made a gain on the sale of approximately $120m (€111.25m). It bought the hotel which houses 265 rooms and suites that have played host to presidents, including JFK, and Hollywood royalty ranging from John Wayne to Elizabeth Taylor over the years, ten years ago.
At the time, Kennedy Wilson bought the hotel for an estimated $110m (€102m) and has since spent around $36m (€33m) to refurbish it.
Pic: The Shelbourne
2023 saw the hotel’s revenue jump from $46.9m (€42m) in 2022 to $57.1m (€52m) with pre-tax returns increasing from $16.9m (€14.6m) to $21m (€19.4m), reports RTÉ.
It’s the second high-profile acquisition by Archer in the Irish capital, having previously acquired The Conrad Hotel just across the park from The Shelbourne Hotel.
1824 Bar. Pic: The Shelbourne
The company was established in 2018 and currently owns 13 hotel groups with a gross asset value of around €2bn.
Commenting on the acquisition of The Shelbourne, Dominic Seyrling, co-chief executive of Archer said: ‘We are thrilled to add the Shelbourne Hotel to our collection of properties.
The Terrace. Pic: The Shelbourne
‘This acquisition aligns perfectly with our commitment to investing in exceptional assets with enduring value.
‘Archer is dedicated to preserving the Shelbourne Hotel’s legacy while enhancing its offering. Archer looks forward to writing the next chapter in the storied history of this beloved Dublin landmark.’
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