Abu Dhabi Investment Authority buying Irish hotels

Abu Dhabi Investment Authority (ADIA) is rumoured to be backing a US $170 million bid to buy the seven-acre Dublin site, including two hotels.

ADIA has teamed up with Irish developer Chartered Land to buy the two former Jurys and Berkeley Court hotels, which sit on some of the most valuable land in Ireland, according to the Irish Independent.

It was reported that under the deal, ADIA would finance the purchase and Chartered Land would redevelop and manage the site.

Even at €155 million, the newspaper said, the sale price would be a fraction of the €380 million paid by developer Sean Dunne for the property in 2005.

Dunne planned to build a 38-storey tower on the site when he first bought it but his plans were shelved during the recession.

The site was eventually put into receivership with Ulster Bank, which is now the seller.

The sale is expected to conclude in the coming weeks.