Irish investment group Tetrarch Capital is set to take full ownership of the Citywest Hotel in Saggart, Co Dublin, by buying out the interest of its joint-venture partner, California-based Pimco.
Citywest was acquired out of receivership by Tetrarch and Pimco in September 2014 for about €30 million. Tetrarch and Pimco have since invested about €12 million in upgrading the four-star property.
The financial details of the transaction have not been disclosed but Pimco is believed to have held a majority share in the hotel.
Citywest is Ireland’s biggest hotel with more than 764 bedrooms, an 18-hole golf course and a convention centre. It was originally developed by the late businessman Jim Mansfield.