Clarence Hotel acquired by Press Up Hospitality Group

Ireland: The four-star Clarence Hotel, formerly owned by members of the rock band U2, has been acquired by Press Up Hospitality Group following a €43 million loan from Leumi UK.

The funds will be used by Press Up Hospitality Group to acquire the freehold of the Clarence Hotel along with an adjacent building to add 43 extra rooms. It will bring the hotel’s total room count to 102.

Further renovations to the property will create eight food and beverage spaces.

The Clarence is a sister hotel of The Dean – a boutique brand by Press Up with locations in Dublin, Cork and Galway. Press Up  has owned the leasehold of The Clarence since 2019. 

Paddy McKillen Jnr, co-owner of Press Up Hospitality Group, said: “Our exciting refurbishment and growth plans required a reliable and expert financial partner, qualities we quickly discovered in Leumi UK. Working closely with the team showed us their dedication to understanding the asset and structuring the most effective solution to support our plans.”

Liam Mullans, relationship director at Leumi UK, said: “This was a complex transaction that required the specialist expertise of Leumi UK’s hotel finance team, but I am glad to say that through regular communication with the client we have agreed a package that will see this iconic property reach new heights. It has been a pleasure working with Press Up Hospitality Group, whose experienced team will grow the hotel’s already illustrious reputation among locals and tourists alike.”

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