The European specialty hotel investment firm Archer Hotel Capital has acquired the St Stephen's Green property.

It already owns the five-star Conrad Hotel, which is close by.

The Business Post announced in February that an agreement had been reached to sell the Shelbourne, which had been up for sale since last year with a price tag estimated to be around €260 million.

Kennedy Wilson has now verified that the sale of the hotel, a three-building office complex in Washington, and a retail asset in the UK have all been completed.

About $335 million was paid for the three properties together, however the exact amount paid for the Shelbourne is not disclosed.

Kennedy Wilson reported that the company made about $120 million in profit from the sales.

Archer Hotel Capital stated in a statement on its website that the acquisition represents a key turning point in the company's growth as it broadens its portfolio in the hospitality industry.

Co-CEO of Archer Dominic Seyrling stated, "We are excited to add the Shelbourne Hotel to our collection of properties."

"This purchase is a wonderful fit with our objective to make outstanding investments in long-term value. Archer is committed to improving the Shelbourne Hotel's offerings while maintaining its history."

"Archer looks forward to writing the next chapter in the storied history of this beloved Dublin landmark."

One of the most famous hotels in Ireland is The Shelbourne, which opened its doors in 1824. In addition to restaurants, bars, function spaces, and a recreation facility, it features 265 rooms and suites.

Kennedy Wilson reportedly paid $110 million for the hotel ten years ago, and since then, he has invested about €36 million in renovations.

Pre-tax returns climbed from $16.9 million to $21 million, while hotel revenues increased to $57.1 million from $46.9 million in 2022.

APG Asset Management and GIC affiliates jointly hold Archer Hotel Capital.

It was founded in December 2018 and currently has 13 hotels in Europe with a combined gross asset value of almost €2 billion.