The owner of FBD Hotels and Resorts announced it will invest €7.5 million as part of a growth strategy for 2016.
The hotel group, which has three hotels in Ireland and two in Spain, will expand its development significantly, having invested just €2 million in 2015.
It announced the investment plans on the back of positive results for the year, as the group is predicting it will record earnings of €9 million for 2015, almost doubling its 2014 earnings. It is aiming for an operating profit of €50 million over the next five years.
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The property arm is owned by investment group Farmers Business Developments, which acquired 50 per cent of the business from FBD Holdings in a €48.5 million deal in October.
The company owns and manages the Castleknock Hotel in Dublin, and the Faithlegg House Hotel (pictured) and the Tower Hotel in Waterford, as well as two resorts in Spain.