Michael Smurfit has confirmed that he has struck a deal to sell Co. Kildare's five-star K-Club golf resort to Dublin-based nursing homes operator Michael Fetherston.
According to The Irish Times, sources have suggested that the property was sold for a figure in the region of €70 million. The deal is expected to close in early 2020.
"An Incredible Source Of Pride"
The Irish Times quotes Smurfit as saying, "Since opening in 1991, The K Club has and continues to be an incredible source of pride for my family, its members and its wonderful team. There is always a time to move on. I firmly believe that the K Club's long-term interests are better served under a new owner and [Fetherston] is uniquely placed to build on the heritage and success of The K Club."
"Excited By The Opportunities Presented"
Meanwhile, Fetherston told The Irish Times that he believes that he has purchased a "unique and iconic asset", and said, "We are excited by the opportunities presented and we will build on The K Club's unparalleled reputation as both a hotel and as a golf resort."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.