FBD Hotels & Resorts has agreed to sell the Tower Hotel in Waterford to Neville Hotels with the proceeds of the sale to be reinvested into its current hotel portfolio throughout Ireland and Spain.
The group, which saw its earnings before interest, tax and write-offs, grow by 48 per cent to €9.2 million over the last year, said its investment strategy is to consolidate its current portfolio of four-star hotels, such as Castleknock Hotel & Country Club, the 66-bedroom Faithlegg House Hotel & Golf Resort in Waterford, as well as its two Spanish properties of La Cala Resort and Sunset Beach Club.
The sale is expected to conclude within the next 30 days and is "business as usual at the Tower Hotel, with no impact on existing employees, hotel bookings or events".
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David Kelly, CEO of FBD Hotels & Resorts, said: "FBD Hotels & Resorts is enjoying a sustained period of growth. We are also accelerating our residential property development activity in our La Cala Resort in Spain, in conjunction with our JV partner, Taylor Wimpey Spain. We recently announced expansion plans at our Castleknock Hotel in Dublin. Some of the capital generated through the Tower Hotel sale will be re-invested in these new developments, alongside further advances at our Faithlegg and Sunset Beach Club interests. We are confident that this approach will continue to generate excellent returns for our shareholders."
A spokesperson for Wexford-based Neville Hotels, who own the Royal Marine in Dun Laoghaire and the Kilkenny River Court Hotel, added that "The Tower Hotel is the perfect fit for us in the South East. We chose the Tower Hotel for its reputation, location and team of loyal experienced staff".