Paddy McKillen ‘eyeing sale of Irish hotels’
Paddy McKillen Jr’s Oakmount development group is eyeing a possible sale of its £242m hotel property portfolio, which is operated by his Press Up Entertainment business.
Property publication Reactfirst reported that options for the Belfast-born entrepreneur’s company include a potential sale of its properties.
Press Up operates high-profile hotels in Dublin including The Devlin and The Mayson. It also operates the Dean hotel brand, with properties in Dublin, Galway and Cork. A Dean hotel is also due to open in Belfast and Birmingham.
The Leinster Hotel on Dublin’s Mount Street is also due to open, as is the new Ladyville House resort in Wexford.
Press Up also operates the Butler Arms Hotel in Waterville, Co Kerry, as well as the Clarence Hotel, having acquired the lease on the property in 2019. The hotel building continues to be owned by U2’s Bono and The Edge, as well as Paddy McKillen Sr.
The report indicated that in the event of any sales Press Up would continue to run hotels at the locations.
It was also reported that Paddy McKillen Jr was close to purchasing a number of properties beside Dublin’s St Stephen’s Green that will be used for a luxury hotel to be operated by Press Up.
Press Up also has other interests across the hospitality sector. It operates a number of restaurants such as the renowned Captain America’s near Dublin’s Grafton Street. It also operates bars around the capital as well as the Stella Cinema.
The latest set of account for Orsen, the company behind Press Up, show that it generated pre-exceptional revenue of just under €100m in the 17 months to the end of May 2020. It made a €5.3m operating profit in the period and a €3.3m profit after tax.
Its tangible fixed assets at the end of May 2020 were valued at €31.8m, which was up from the €28.7m recorded at the end of 2018.
The period before the Covid pandemic struck was a busy one for the group. It opened its 94-bedroom Mayson hotel in December 2019, which features a gym, Elephant & Castle restaurant, a pool and other amenities.
The group said that while the pandemic had presented challenges and hit revenue, it had adjusted to a new reality.
A spokesperson said in 2021 that the group had opened eight new venues during the financial period.
