In 2014, Kennedy Wilson acquired the debt secured by the landmark Shelbourne Hotel for $152M in a complex transaction involving multiple sellers.
Founded in 1824, the Five Star landmark Shelbourne Hotel is located in Dublin’s prime Central Business District on St. Stephen’s Green and features 265 rooms, including 19 suites. Additionally, there are 12 meeting rooms, two bars, a restaurant, and a health club that includes a newly renovated spa and swimming pool. For nearly two centuries, The Shelbourne has played a significant role in the literary, social, political, culinary and artistic traditions of Irish society. In 1922, the Irish constitution was drafted at The Shelbourne in what is now known as the "Constitution Suite".
In 2016, Kennedy Wilson completed a significant refurbishment of the exterior facade that later won the Irish Georgian Society's top award. Kennedy Wilson's value-add asset management program also included an extensive interior renovation of all suites, Deluxe Park view rooms, corridors and the historic staircase, as well as a redesign and refurbishment of the reception and lobby. In 2018, the team refurbished several revenue-generating food and beverage offerings, all meeting rooms and the main ballroom. In 2019, following the completion of its $40 million refurbishment program, the Shelbourne became a member of Marriott International’s Autograph Collection Hotels, a diverse and dynamic portfolio of more than 170 independent hotels around the world.
Since acquiring The Shelbourne, Kennedy Wilson’s value-add initiatives have resulted in an Estimated Annual NOI that has more than doubled to approximately $15 million.