Breaffy House resort in Mayo has been bought out of receivership by Great National Asset Management.
The property went into receivership in January 2011 and had been on the market since last October with a guide price in the region of €3 million. However, the purchase price was not disclosed.
Breaffy Resort is set on 90 acres and consists of two hotels buildings with 230 rooms and 12 apartments. It also includes a sports complex, leisure club and spa.
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This purchase means that all 120 jobs at the resort will now be saved and Great National has pledged, "to support local and regional employment and business over the coming years".
Great National plans to invest heavily in the property and to carry out extensive refurbishments which will begin immediately. The hotel will operate under the banner of Great National Hotels and Resorts and will be renamed Great National Breaffy Resort.