French real estate group, Covivio, has paid around €45 million to acquire the four-star Hilton Dublin-Kilmainham hotel under a structured arrangement with its current owners, the Tifco group. While the transaction will see Covivio secure the freehold interest of the 120-bedroom hotel, it is understood Tifco will continue to be involved on foot of what market sources described as a sale-and-manage back agreement. Tifco declined to comment on the matter when contacted by The Irish Times, while efforts to contact a spokesperson for Covivio were unsuccessful. While the Tifco Hotel Group acquired the Hilton-Dublin Kilmainham from developer John Lally’s Lalco in 2015, Apollo secured ownership of the property last year as part of its €350 million takeover of Tifco’s Irish hotel portfolio. The Kilmainham hotel is understood to have accounted for around €35 million of that total.

Source: The Irish Times November 27, 2019 06:00 UTC