GN Asset Management, a new Irish hotel investment firm, has big plans to spend over €40 million on five Irish hotels.
Last week it bought Breaffy House resort in Mayo for €3 million. It is believed that it will complete the purchase of another well-known hotel in the coming weeks.
The market for distressed hotels is booming at the moment; with some great deals and investment opportunities to be had, competition is fierce.
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GN Asset Management plans to purchase around five properties in the €8 - €10 million price range within the next year and a half, targeting hotels that have additional facilities such as leisure and conferencing. It will run the hotels under the Great National Hotels brand.
The directors of the firm are all well experienced in the hotel industry and include, James Sullivan, a hotel operations specialist; David O'Connor, who ran D4 Hotels; David Byrne, former Lynch Hotel Group director; and David Collins, who set up the Carlton brand in Ireland.
The firm also operates properties on behalf of major banks and receivers and runs a call-centre booking service in Clare for independent hotels.