Discussions between Irish hotel and property group Tetrarch and US investment firm Starwood Capital over a joint venture worth hundreds of millions of euro have concluded without the companies coming to an agreement.
As reported by The Sunday Times, a deal between the two firms could have supplied Tetrarch with capital for its hotels development projects, but sources have said that the discussions have been terminated.
Powerscourt Plans
Tetrarch, which was a minority shareholder in Co. Wicklow's Powerscourt Hotel, planned to purchase 100% of the venue if it received backing from Starwood or another private equity investment group, according to property sources.
However, with no deal on the table between Tetrarch and a backer, Powercourt's other shareholders decided to sell the hotel to MHL.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
