The Hotel Clybaun in Galway has been bought by Northern Irish investor Tom O'Gorman in a deal said to be in excess of €3 million.
O'Gorman, originally from Co. Down, purchased the three-star, 92-bed property after it was placed on sale by receivers in June last year. Former owners had accumulated debts of over €90 million.
New owners O'Gorman along with property asset management specialists Capital Assets, will invest €1 million in refurbishing the site, according to the Connacht Tribune
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The hotel includes a bar, restaurant, conference, function and wedding facilities, as well as a leisure centre with an 18-metre swimming pool.
Dermot Curtin of CBRE handled the sale of the hotel in the suburb of Knocknacarra, Galway. The auction, he claims, was "very competitive", with over 70 interested parties.
O'Gorman is one of Northern Ireland's richest men and has previously entered the Irish hotel market, last year buying the Blarney Golf Resort for €2.5 million.