- Lifestyle Hospitality Capital (LHC) Group to acquire a majority stake in The Dean Hotel Group
through a dedicated investment vehicle - Founder Paddy McKillen Jnr to retain a stake in The Dean Hotel Group
Dublin, 31 October 2023 – The Dean Hotel Group has today announced that it has agreed to sell a majority stake in its business to an investment vehicle that is managed and led by Lifestyle Hospitality Capital (LHC) Group, and backed by funds advised by Elliott Investment Management L.P. Founder Paddy McKillen Jr and the McKillen Company will retain a stake and remain involved in the business.
Paddy McKillen Jr, commenting on the transaction 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, commenting on the partnership 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 togetherto deliver on the next phase of growth for the portfolio.”
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 award-winning restaurants and bars 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.
About The Dean Hotel Group
The Dean Hotel Group is a dedicated hotel real estate, brand and management platform
recently spun-off from Press-Up Hospitality Group. Based in Dublin, the Group includes eight distinctive freehold properties across Ireland, comprising around 650 hotel rooms, thirty bars & restaurants, six leisure facilities and a cinema. The unique design of each hotel contributes to the cultural fabric of the local communities and supports and promotes Irish art, culture, music and nightlife.
About Lifestyle Hospitality Capital (LHC) Group
A global investment management platform that provides partners with dedicated access to a diversified range of value-add investment opportunities across the entire spectrum of lifestyle hospitality and operational real estate. Founded in 2023, LHC has established a unique team of private equity and lifestyle hospitality real estate specialists focused on investing in global hospitality real estate, brands and operating platforms. www.lhc-group.com
About Elliott Investment Management L.P.
Elliott Investment Management L.P. manages approximately $59.2 billion of assets as
of June 30, 2023. Founded in 1977, it is one of the oldest funds under continuous
management. The Elliott funds’ investors include pension plans, sovereign wealth funds,
endowments, foundations, funds-of-funds, high net worth individuals and families, and
employees of the firm.
Media Contacts
Camarco: Julia.Tilley@Camarco.co.uk
+44 7586 722 849