A former executive at hotel group Ennismore has teamed up with a US investment firm to buy a majority stake in The Dean Hotel Group.
Lifestyle Hospitality Capital (LHC) Group, which was founded by Keith Evans, former chief investment and development officer at Ennismore, is joining forces with Elliott Investment Management to create a new investment vehicle for the transaction. Founder of The Dean Hotel Group Paddy McKillen Jr and the McKillen Company will retain a stake and remain involved in the business.
The hotels will continue to be managed and operated by The Dean Hotel Group under its own brands including The Dean, The Mayson, The Clarence, The Devlin, The Leinster and Glasson Lakehouse. The Dean brand has three hotels operating in Ireland, with two hotels set to open in the UK by 2025. The restaurants and bars operations will also continue to be operated internally by The Dean Hotel Group under its own brands such as Sophie’s, Ryleigh’s, Roberta’s and Layla’s.
Completion is expected in the fourth quarter of 2023, subject to customary closing conditions.
What they said
Paddy McKillen Jr, said: “We are delighted to have agreed this transaction, which will create a partnership between Ireland’s leading hospitality company and a best-in-class hospitality investment management platform. 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.”
Keith Evans, Founder & CEO of LHC, said: “As experienced investors in this space, we were drawn to the exceptional collection of locally designed and curated hotels, bars and restaurants that Paddy and his team have developed. We look forward to continuing to honour The Dean Hotel Group’s Irish heritage as we work together to deliver on the next phase of growth for the portfolio.”