Friday 31 October 2014

Kildare hotels sold as Quinn and Brehon Capital invest

Published 20/08/2014 | 02:30

The four-star Killashee House Hotel is one of the best-known hotels in Co Kildare.
The four-star Killashee House Hotel is one of the best-known hotels in Co Kildare.

RETIRED footballer Niall Quinn has bought into a Kildare Hotel, helping to save it from closure.

Mr Quinn, who lives nearby with his family, has joined up with Kilcullen Bakery to buy Lawlors Hotel in Naas for €2.3m.

The hotel had been one of two controlled by local developer Jack Tierney but fell into examinership last May. The other hotel, the Killashee House Hotel, was bought by investment firm Brehon Capital on Tuesday for €13m.

Mr Quinn, right, was formerly an investor in the 141-bedroom Killashee House Hotel. Mr Tierney was a member of the eight-man consortium led by Mr Quinn that took control of Sunderland football club in 2006.

The deal safeguards more than 50 jobs at Lawlors Hotel.

Seperately, Brehon Capital and partner MidWest were given the go-ahead by the High Court to take over the Killashee House Hotel as as a going concern.

The deal, which is expected to close on August 21, ensures the retention of some 182 positions at the hotel.

The four-star Killashee House Hotel is one of the best- known hotels in the county. It was owned by Craigfort Taverns, a company controlled by Mr Tierney.

Craigfort, however, sought court protection from its creditors in April this year and went into examinership in May.

In a statement, Brehon director Michael McElligot said he was "delighted" his company had completed this deal.

"We are delighted to be the new owners of this fabulous property and plan to invest in growing a business that is trading very strongly," he said.

"This is the fifth hotel acquisition that Brehon has made and we have great confidence in the luxury end of the Irish hotel market. Brehon will continue to seek out investment opportunities across the office, hotel and multi-family segments of the market," Mr McElligot added.

Brehon plans to invest about €1.5m in the hotel over the next few months.

Irish Independent

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