FBD Hotels & Resorts (FBDH&R) has announced that it has reached agreement to acquire Co. Kildare's Killashee Hotel for €25 million.
The Kilashee Hotel, which is being sold by Tetrarch Capital and will be FBDH&R's sixth hotel, is a 141-bedroom venue that includes conference, wedding, spa and leisure facilities located 30km from Dublin City Centre.
FBDH&R said that the acquisition of the Killashee Hotel will result in a further 300 people joining the 900 people that Irish headquartered group's employs across its hotel and resort portfolio, as the company maintains full employment at the Killashee Hotel.
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FBDH&R also owns four-star Irish hotels the Faithlegg Hotel of Waterford, the Heritage Hotel and Spa of Laois, and the Castleknock Hotel, Dublin, as well as four-star Spanish resorts the Sunset Beach Club and La Cala Resort on the Costa Del Sol.
The group also has a landbank in La Cala, Spain, which it is developing partly via joint ventures with international construction company Taylor Wimpey Plc.
The acquisition of the Killashee Hotel will bring the number of hotel rooms in FBDH&R's portfolio to 1,078.
Statement By FBDH&R CEO
FBDH&R CEO David Kelly stated, "We are delighted to announce the agreement to add Killashee Hotel to the FBD Hotels and Resorts portfolio.
"Killashee Hotel is a successful business with a longstanding reputation of excellence that aligns strongly with the ambitions and values of FBD Hotels and Resorts. As such, we are confident that this hotel is a strong strategic fit for our group, offering solid fundamentals in terms of team, location, brand, and historical performance.
"As we embark on this next step with Killashee Hotel, we are excited to work with the team to continuously improve the hotel’s services and offering. We have both short-term and long-term investment plans for the hotel to include investments in the business, its infrastructure, and its people.
"We are confident that these investments will allow us to build on the successful reputation of Killashee Hotel, while continuing to maintain the highest quality standards in hospitality going forward.
"Our overall performance continues to be positive. As a sector, the past two years have presented unique challenges but underpinned by a strong balance sheet, a committed team, and forward-focussed ownership, we used the period well and are ready for the next phase of growth right across our portfolio."
Statement By Principal Of Tetrarch Capital
Principal of Tetrarch Capital Michael McElligott stated, "Following approximately eight years of ownership, we have agreed to sell Killashee Hotel to FBD Hotels & Resorts. Killashee Hotel is a landmark venue in my home county of Kildare, and we have thoroughly enjoyed working with Deirdre Nix, general Manager; Orla McCabe, director of sales & marketing; and their outstanding team at the hotel during this period. We have no doubt that the hotel will continue to prosper under its new owners, and we would like to wish FBD Hotels & Resorts the very best with their future plans for the hotel."
FBDH&R was advised on the transaction by Paul Collins and Dave Murray of CBRE, and Tetrarch Capital was advised by Tom Barrett of Savills.
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