A consortium of partners in the accountancy firm KPMG has regained control of the Holiday Inn at Pearse Street in Dublin 2. The group is understood to have paid in the region of £6.7 million for the 92-bedroom hotel which was put into receivership last March following the collapse of the company running it. Estate agents Morrissey received two offers for the hotel when it was offered for sale by tender at the beginning of May.

The consortium, which originally bought the hotel almost three years ago and leased it to a separate management company, decided to exercise its option to buy the hotel at a similar price to the highest tender.

Had they not done so, they may have been facing a clawback of tax reliefs already availed of by virtue of the hotel's tax designated area status. The hotel, which had a turnover of £2.3 million last year, is expected to continue to trade as a franchisee of Holiday Inn.