Ownership of the Powerscourt Hotel in County Wicklow is to change hands for a figure understood to be more than €50 million.

MHL Hotel Collection, a partnership made up of cable TV investor John Malone, property developer John Lally and businessman Paul Higgins has agreed to purchase the 5-star property.

The 200 bedroom hotel is currently owned by Sugarloaf Investments Limited, a consortium comprising Midwest Holding, Tetrarch Capital and Brehon Capital Partners.

The Enniskerry property was bought by Sugarloaf in 2013 and was originally developed in 2006 by Treasury Holdings and run initially under the Ritz Carlton brand.

MHL already owns eleven 4-star and 5-star hotels, which between them have almost 2,000 bedrooms and over 1,800 staff.

Seven of those are in Dublin, including the 5-star Westin and Intercontinental hotels,  while three are in Galway and one is in Limerick.

MHL is the second largest hotel group in Dublin city and had revenues last year of over €150 million.

The deal must still be approved by the Competition and Consumer Protection Commission.