Firm behind planned Belfast hotel sells majority stake
A hotel group led by the son of west Belfast property developer Paddy McKillen is selling a majority stake in its business to an investment vehicle managed by Lifestyle Hospitality Capital (LHC).
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.
In February the group submitted a planning application to Belfast City Council for The Dean hotel in the city’s Bedford Street.
The Dean is to have 91 bedrooms and will include the brand’s famous Sophie’s Rooftop Restaurant and Terrace and a swimming pool.
The value of the deal between The Dean Hotel Group and Lifestyle Hospitality Capital was not disclosed.
LHC, which was established this year, is a global investment management platform focused on lifestyle hospitality and operational real estate.
The Dean Hotel Group, which was recently spun out from the Dublin-based Press-Up Hospitality Group, has eight properties with around 650 hotel rooms across the Republic of Ireland.
In a statement the group confirmed it will continue to manage and operate its locations across Ireland, including the Mayson, the Clarence, the Devlin and Glasson Lakehouse.
The Dean brand also has three hotels operating in Ireland, with two more set to open in the UK in the next two years, including in Belfast.
Restaurants and bars owned by the group will also continue to be operated internally. The group owns thirty establishments across Ireland, as well as six leisure facilities and a cinema.
The transaction is expected to close before the end of the year.
