Investment firm Patron Capital has bought the Clarion Hotel in Dublin's IFSC area for €33 million.

The four-star property, which was sold by receivers appointed on behalf of the National Asset Management Agency, is the third investment by the group in Ireland. It currently owns the former Chief O'Neills hotel and also invested in the opening a site in Dublin's Spawell by its five-a-side football brand Powerleague.

The Clarion will be managed by Fitzpatrick Lifestyle Hotels, which provided some of the equity for the deal.

Patron’s senior adviser in Dublin Robert Booth said the deal was an “excellent example” of the investments the company was seeking in Ireland and further afield.