THE deal to sell the Castletroy Park Hotel was completed last Friday after long negotiations between the vendor and Supermac’s Ireland boss Pat McDonagh, who bought it for a figure just in excess of €3m.
The deal was due to close late last month, but was held up due to negotiations between the parties.
The four-star hotel, which was opened by President Mary Robinson in 1991, was owned by CPH Investments Limited, a subsidiary of parent company Fordmount Property Group Limited, which has been in receivership for some time.
Bank of Scotland Ireland held a charge over the hotel and sanctioned its sale for a figure just in excess of €3m.
The operating company set up by the Carlton Hotel Group to manage the hotel was put into liquidation last week, which delayed the deal’s completion somewhat.
Mr McDonagh said he was “delighted that it finally got over the line and are looking forward to investing in it over the next couple of months and looking forward to seeing old customers back there”.
“We do intend to invest in it overall, but in the bedrooms especially and some other areas, so people will see a few changes over the next couple of months,” he said.
“It is a well established hotel, it is very well built, structurally it is 100%, other than needing some modernisation, and that is what we will be looking at over the coming weeks.”
Joint selling agent Trevor Whelan said the sale “demonstrates that demand exists in the hotel market for well-priced established businesses such as the Castletroy Park”.
Mr Whelan, who now works for DTZ Sherry Fitzgerald in the city, noted that there was a number of parties interested in the hotel due to the “diversity of income streams coming from the property which has a gym, spa, conference centre and 107 bedrooms”.