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Dunne buys Dublin site in historic deal

27 October 2005
Dunne buys Dublin site in historic deal

Irish developer Sean Dunne completed his historic €260m (£176m) deal for Dublin's prestigious Ballsbridge site last Thursday.

The deal made Irish history, as Dunne's bid topped the previous highest land price paid per acre in the republic. He intends to demolish the Jurys Ballsbridge and the Towers hotels and redevelop the area into mixed use and residential properties.

Dunne has yet to decide whether he will sell his 28.9% stake in Jurys Doyle Hotels.

The consortium set up by the hotel group's founding family, JDH Acquisitions, now owns more than 50% of the company but wants to acquire at least 80% to take the group private.

A Jurys Doyle spokeswoman said: "It's still unclear what monies will be returned to shareholders [from the Ballsbridge site deal]. It's dependent on whether JDH is successful in taking the hotel group private - as it has suggested."

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