The five-star Lough Erne resort near Enniskillen in Co Fermanagh has been sold to Lough Shore Road Ltd, a private hospitality company.
Lough Shore Road is led by US-based Tralee Portfolio Management (TPM), which is headed by billionaire Tony Saliba. The resort is believed to have been sold for around £8 million, a fraction of the original asking price of £30 million, although the exact terms of the deal were not disclosed.
The 120-bedroom resort opened in 2007, complete with a Thai spa and a golf course designed by Nick Faldo. It went into administration in 2011 and KPMG has controlled the resort since then.
TPM said that the resort was a key-ingredient in the success of tourism in Northern Ireland. It is TPM's first hotel purchase on the island but the company is also reportedly exploring purchasing Mount Juliet and Adare Manor. It is believed that TPM and their partner, The Prairie Group, plan to upgrade Lough Erne to attract more visitors.
Lough Erne is one of the premier resorts on the island. It hosted the G8 meeting last year and will host the Irish Open in 2017. Last week it topped the list of best Winter hotels published by The Huffington Post.
The resort employs 120 full-time staff who are not affected by the sale.