The property was put up for sale in August by the receiver of Property developer Bernard McNamara at a quarter of the price it was bought for five years ago (288m euros).

The four star hotel has 501 bedrooms and occupies a 3.8 acre site in the prestigious Dublin 4 district. It is the largest hotel in the Irish capitalIrish property developer Bernard McNamara, the hotel’s previous owner, had bought The Burlington from JDH in 2007 for €288 million. But through the recent years he accumulated over €1.5 bn of debt and was declared bankrupted by the Bank of Scotland and the property was put on sale at a guide price of €65 million to €75 million.Blackstone plans to invest €16 million (US$20 million) renovating the property and rebrand it under Hilton Worldwide’s DoubleTree by Hilton brand. This will be the first DoubleTree by Hilton hotel in Ireland.