Brehon Capital has confirmed that it has purchased Citywest Hotel, after months of negotiations.
Brehon are believed to have paid around €29 million for the hotel and conference centre which was sold by the receiver Martin Ferris.
In confirming the acquisition, Brehon said, "we look forward to outlining our plans for growing the business in the near future."
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Business is expected to continue as usual and staff are not due to be affected. Dalata, the company which is currently operating the hotel, will continue to do so, after confirming that it had agreed with Brehon to extend its management contract until January 2015.
Citywest was built by the late Jim Mansfield and there had been suggestions that the sale would be blocked by relatives of the property developer. However, there is still a possibility that his relatives could challenge the sale as some are claiming that they own some of the lands which are part of the hotel property.